Breaking will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEATTLE-Harbor Properties Inc. is selling the four-tower Harbor Steps mixed-use property here that it developed during the 1990s. The buyer is publicly held Equity Residential. The sale is expected to close this summer. The price has not yet been disclosed, but local industry sources estimate the purchase price could flirt with $200 million.The 1.3-million-sf development covers 2.5 acres between Western and First avenues between Union and Seneca streets, near Benaroya Hall and the Seattle Art Museum. In 2001, the Urban Land Institute named Harbor Steps the nation’s best large-scale multifamily complex. Interconnected by a staircase park with a central plaza, the four buildings contain 785 apartment units, 51,600 sf of retail, 31,000 sf of office and 413 underground parking spaces. The office and retail space is fully leased and the apartment units are 97% leased. Estimated purchase prices from apartment brokers and investors in town put the sale price between $225,000- and $255,000 per unit. Comperable sales in the past two years have ranged from about $190,000 per unit to $235,000 per unit, they say.Harbor president Denny Onslow tells the property was never formally offered for sale and was not slated for disposal. Negotiations began when Equity Residential made a preliminary offer after hearing about Harbor’s plans to sell some assets in order to fund new infill housing developments. A source at Equity Residential tells that Seattle is a key market for the company and Harbor Steps will be part of its long-term core portfolio. The acquisition will bring EQR’s total holdings in the Seattle area to about 8,000 units. Bob Watson of locally based R.M. Watson Co. is representing Equity Residential in the transaction.Going forward, Harbor Properties says it is concentrating on creating more market-rate, mixed-use apartment complexes in and around Downtown. The company recently started construction on Press II, a second-phase residential project on Capitol Hill, and is developing additional workforce-housing projects in the University District, First Hill and other urban-Seattle neighborhoods.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.