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Seattle-Based Gibraltar Sells First Hill Apartment Building for $25M
A California-based national property manager has purchased an apartment building in Seattle’s First Hill neighborhood for $25 million.
The 164,000-square-foot, 10-story building sits on a 0.3-acre lot. The property, known as The Exeter, is located at 720 Seneca St. and is a 120-unit apartment building built in the 1920s as a luxury hotel. The seller, Seattle-based property management firm Gibraltar, purchased the property in 2016 for $33.2 million, reported the Puget Sound Business Journal.
The buyer, FLT Exeter House LLC, shares an address and phone number with Irvine, California-based Trinity Property Consultants. Trinity Property Consultants manages multifamily properties in more than 80 cities across 33 states and Washington, D.C.
In Washington state, Trinity Property Consultants operates nine apartment buildings in Seattle, Kent, Auburn and North Bend. The Exeter is the company’s second First Hill property, after Arrive First Hill at 600 Seventh Ave. Trinity Property Consultants purchased that building in 2023 for $26.9 million.
