IPA Brokers $69M Sale of Belltown Apartment Complex
Institutional Property Advisors (IPA), a division of Marcus & Millichap has negotiated the $69 million sale of 2900 on First, a 135-unit, mixed-use apartment community in the Belltown neighborhood of Seattle. IPA’s Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero represented the seller, AIMCO. The buyer was Bay Area-based Pacific Urban Residential.
“2900 on First is a unique asset in one of the most resilient multifamily markets in the nation,” said Assouad in a news release. “The area’s net-migration rate, education of its workforce and hourly earnings are rated among the highest in the nation’s largest metros.”
The property is composed of three connected, seven-story residential towers and a central stand-alone amenity building. The 14,700 square feet of ground floor retail space is occupied by a restaurant, spa, bakery, beauty store and pizza delivery service. The community is also located in close proximity to the Space Needle and Pike Place Market.
- ◦Sale/Acquisition