SEATTLE—The dynamic market for high quality apartment investments continues into 2013 as CBRE represented Equity Residential's $94 million sale of Archstone Belltown, the 360-unit complex which sits in Seattle's Belltown neighborhood. The property was acquired by Mill Creek Residential Trust LLC. CBRE's Jon Hallgrimson, Frank Bosl and Eli Hanacek marketed the property on behalf of Equity Residential.
Archstone Belltown is one of three iconic high-rise, concrete multifamily properties constructed in Seattle in the 1940s. Originally known as Grosvenor House, it operated as a retirement community until the early 2000s. Unique features include a rooftop garden the size of a half-city block, sweeping 360-degree views of the Space Needle, Olympic Mountains and downtown Seattle, and a phenomenal location within blocks of the new Amazon.com campus and The Gates Foundation.
The new owners plan to upgrade the interior and common area finishes, install a state-of-the-art fitness center at street level and revamp the rooftop garden to appeal to the younger neighborhood demographic.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
