Seattle & Northwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Seattle & Northwest  + Seattle  + Apartments  | 
Capitol Hill Multifamily Property Trades for $105M

Capitol Hill Multifamily Property Trades for $105M

Modera Broadway, a newly-built 228-unit multifamily community in the Capitol Hill neighborhood of Seattle, has changed hands for $105 million. In the non-traditional transaction, the property switched from one Mill Creek Residential LLC to another. Public records indicate a $57 million loan from Citibank to the new owner, Broadway Owner, LLC.

The Puget Sound Business Journal reports the large deal was a rarity for Seattle in the recent turbulent economy. One of the last sizable transactions to occur was back in October when a South Lake Union apartment complex was purchased by Security Properties for $104 million.

CBRE’s Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto advised Mill Creek Residential on the transaction. “Our team presented the owners with a range of options for Modera Broadway’s future, and they chose the option that best aligned with their long term strategy,” commented Hanacek.

Rents at Modera Broadway, located at Broadway and East Howell Street, range from just under $2,000 a month for a studio to nearly $4,000 a month for a two-bedroom unit. Weber Thompson, who designed the complex, says the property features 16,000 square feet of retail space, an underground parking garage and LEED Silver certification.

Image courtesy of Weber Thompson


Inside The Story

Mill Creek ResidentialWeber Thompson

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

Step 1: Select Education
  • ◦Sale/Acquisition
New call-to-action