Downtown’s Luxe Apt. Tower ‘West Edge’ Sells for $293M

West Edge, a 39-story luxury apartment tower near famed Pike Place Market, has sold for $293 million. A limited liability company affiliated with PGIM made the purchase – a new record price for the area.

West Edge is just four years old, but another newer apartment high-rise near West Edge, Tower 12, sold for around $225.3 million in 2017. That set the region’s previous per-unit record of $719,649. The West Edge comes in at $861,765, on average and per unit.

As for ground-floor retail occupants, the present tenants include Wells Fargo and outdoor clothing and equipment retailer Kühl.

JLL brokers Corey Max, David Young, Gerry Rohm, and Michael Lyford listed the 340-unit West Edge for sale.

Data points from Commercial Analytics of Seattle, downtown Seattle rents are on the rise – jumping 16 percent just last year. Vacancy rates downtown are nearly 5 percent, as well.