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(To read more on the multifamily market, click here.)

SEATTLE-The Heights on Capitol Hill changed hands this week for $26.47 million. The new two-building development on the neighborhood’s main retail street includes 103 apartment units over 8,860 sf of street-level retail. The new owner is Lexford Properties LP, a subsidiary of Equity Residential.

Located at the corner of Broadway and Harvard Avenue, the Heights was developed by Kennedy Wilson in a 50-50 partnership with US Bank, for which KW provides real estate services in the Western U.S. The property previously held a one-story bank branch and surface parking. KW senior managing director Richard Muhlebach tells Globest.com the redevelopment grew out of an effort to identify and redevelop its client’s underutilized bank sites.

“Our team analyzed over 400 US Bank branches in the Northwest and focused on twenty six we considered practical for redevelopment,” says Kennedy Wilson president Jim Rosten. “We jointly chose the Capitol Hill site for a variety of reasons, most of all for its vibrant location within the heart of the city.”

One of the Heights buildings contains 18 apartment units and the other contains 85 units. Common amenities include a parking garage, an exercise room and a 5,200-sf roof deck. The bank moved to a temporary location across the street from the property during the redevelopment and now will lease the Heights’ street-level retail with Liberty Tax Service. KW’s Rick Drotz marketed the property for sale and Bob Shepard negotiated the sale to Equity Residential.

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