Sequoia Equities Takes Root in Downtown Seattle
- Jul 08, 2015
By Alex Girda, Associate Editor
Sequoia Equities recently completed the acquisition of a downtown Seattle community and is prepared to put the property through renovation almost immediately. The property in question is One Thousand 8th Avenue Apartments, a 65-year-old multifamily complex located at the base of First Hill.
The new owner purchased the property for $93 million, with 78 percent Freddie Mac financing. Following the change in ownership, property management duties will be handled by Sequoia. The company has consistently expressed confidence in the Pacific Northwest’s real estate market, citing strong market fundamentals as it has added properties in the region.
The two 14-story residential buildings at 1000 8th Avenue offer 351 residential units totaling 211,119 square feet of rentable space. Located near the city’s rampant downtown core, the property offers proximity to the CBD, as well as important medical and research hubs. Built in 1949, the two-building community will be improved by the new owner, as Sequoia will apply an $8 million renovation plan starting this month in an effort to reposition the asset.
According to the press statement announcing the transaction, the improvements planned for One Thousand 8th Avenue Apartments include changes to the interior and exterior, focusing on “a full branding overhaul.” Interiors will be fitted with low-maintenance features such as quartz countertops, wood-plank-style flooring and full-height backsplashes.
Image courtesy of experienceot8.com