State’s Largest Multi-Family Complex Trades for $150M
- Oct 03, 2011
Investors continue to splash the cash for high-quality properties in the Seattle area. The latest example is the 882-unit Archstone Redmond Hill in Redmond, the state’s largest multi-family property, which has traded for $150.1 million. The deal ranks as the largest apartment transaction in King County this year and third largest real estate sale overall.
The new owner is Essex Property Trust of Palo Alto, Calif., a West Coast-focused REIT, which now owns 38 properties in the Puget Sound region. The seller, Archstone, owns 10 residential complexes in the market.
The deal is the latest in a series of large-scale Greater Seattle deals. In a widely reported transaction that was the West Coast’s largest trade of the year so far, JPMorgan Chase & Co. acquired 1918 Eighth Avenue and 818 Stewart Street in Seattle from Schnitzer West L.L.C. last month for $480 million.