Home Commercial Belltown’s Dimension Building Sells for $144MM

Belltown’s Dimension Building Sells for $144MM

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Chicago-based real estate investment management firm Heitman has been named as the buyer of the Dimension apartment building in Seattle’s Belltown area. The 27-story 298-unit property is located on the corner of Cedar Street and Third Avenue and is Heitman’s third recent acquisition in Seattle’s downtown.

Heitman’s portfolio also includes another apartment high-rise called the Premiere on Pine, as well an office building currently occupied by Amazon. The company has spent a total of around half a billion dollars over the last couple of years on the above three properties.

Investors seem to be attracted to these types of properties due to Seattle’s healthy rental market, in turn supported by the region’s tech sector’s employment expansion. Overall rents are also reported to be rising, in the region of 8 percent year on year, while the well-paid tech employees are able to afford the high-end apartments housed in buildings such as Dimension.

Photo courtesy of urbnlivn.com