Pinnacle Partners and developer Nitze-Stagen broke ground last week for Seattle's first Opportunity Zone development called Canton Lofts, a $30 million apartment building in the historic Pioneer Square.

Interra Realty, which brokered the transaction, reports the 150 Fullerton property sold for approximately $10.6 million, which registered at $425,400 per unit.

Year-over-year average rents jumped 5% to $41.11-per-square-foot. Buildings with the largest rent hikes include 800 Brickell, which went from $42-per-square-foot to $47-per-square-foot during the same period.