Stream 15 and Stream Belmont Sell to a Single Buyer in an Off-Market Transaction

Two multifamily communities known as Stream 15 and Stream Belmont in the Capitol Hill submarket recently sold for $42.1 million to a single buyer in an off-market transaction. The sale of Stream 15 and Stream Belmont provides another example of the city’s increasingly rapid recovery from the pandemic. Despite ongoing problems with homelessness and civil unrest, Capitol Hill has experienced both a marked increase in rent and a reduction in available supply that should give investors reason for optimism.

Led by Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper, the Colliers team represented both the buyer and the seller in the transaction.

“Rents in Capitol Hill are up 13 percent on average year to date, and just 429 units are currently under construction, marking a five-year low,” Wayne said. “With limited supply and high demand, the area is poised for outsized growth. The price for these properties signals renewed investor confidence in Seattle’s core submarkets.”