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Japanese Developer Selling Seattle Apartments for $328M
Japanese developer Sekisui House is selling a Seattle luxury apartment complex, The Ivey on Boren, to the company’s sponsored REIT for $328 million, per a release by the Tokyo-based company. Located at 2019 Boren Avenue, The Ivey on Boren comprises 406 rental units in Seattle’s Denny Triangle neighborhood.
Sekisui House acquired Denver-based peer M.D.C. Holdings, Inc. in January in an all-cash transaction valued at $4.9 billion, making it the fifth-largest homebuilder in the U.S. In 2017, Sekisui House also acquired Woodside Homes.
Developed by Holland Partner Group, the luxury residential tower features 55,900 square feet of office and 7,400 square feet of college facilities for the Cornish Cornish College of the Arts. The Ivey on Boren’s amenities include a lobby lounge with a concierge and coffee bar, a sun deck with a pool, and a wellness lounge.
