Terri Ann Sale Highlights Renewed Demand for Value-Add Multifamily

Terri Ann Apartments, a 25-unit multifamily building located at 1331 Terry Ave. in Seattle’s First Hill neighborhood, recently sold for $6.3 million. Seattle-based Cadence Real Estate was the buyer.

The sale of Terri Ann highlights a renewed demand for value-add opportunities in Seattle’s central core. Multiple buyers were eager to acquire a growth asset early in the city’s emergence from the market slowdown brought on by COVID-19.

The property itself offers significant upside potential. The building was constructed in 1967 and many units have not been updated recently, leaving room to increase value.

Colliers’ Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper represented the seller, a local investor, and sourced the buyer.

“Terri Ann was a highly competitive listing, resulting in nearly a dozen offers,” says McKay. “The potential to increase both the property’s income and value through unit upgrades, combined with rebounding tenant demand for space in the urban core, was especially appealing to investors looking to get an early foothold in the post-COVID market recovery. We expect to see sustained interest in assets located in this area as the market continues to improve.”