SEATTLE, WA., August 21, 2019 – Cushman & Wakefield announced today the firm has been appointed the sales assignment of 400-Unit ‘Broadstone First Hill’ in downtown Seattle. Broadstone First Hill consists of two properties across the street from one another, Broadstone Saxton, located at 520 Terry Ave and Broadstone Lexington, at 1050 James St, Seattle, WA 98104.
Situated in Downtown Seattle’s prestigious First Hill neighborhood, Broadstone First Hill provides an authentic and curated living experience and is comprised of 400 luxurious apartment homes and 7,604 square feet of prime ground floor retail.
Executive Vice Chairman, Marc D. Renard; Executive Director, Pete Shelton; Senior Director, Manfred Schaub; Senior Director, Kim Grant; and Senior Associate, Morgan Jackson, will represent the developer, Alliance Residential Company, headquartered in Phoenix with 35 regional offices nationwide including major markets such as Seattle.
Renard said Cushman & Wakefield would expect to attract global investor interest in the asset. “Through this offering, an investor can acquire two world-class apartment communities at an attractive cost basis in a market expected to provide superior rent growth and compelling risk-adjusted returns.”
Shelton added, “Downtown Seattle has emerged as of one of the most dynamic and important urban centers in the world. The city is experiencing unprecedented levels of economic expansion that will continue to drive strong apartment fundamentals.”
Dan McCadden from Alliance states Broadstone First Hill is one of the largest multi-family assets to become available in the Seattle Core and is located in the shadows of two major hospitals – Harborview Medical and Swedish Hospital. “This is a significant sale for the Alliance Partnership and one of the USA’s largest multifamily sales for 2019. Cushman & Wakefield’s domestic and global platform will properly present the opportunity to qualified buyers throughout the Unites States and Internationally,” McCadden said.
Opened in January 2019, Broadstone Saxton embraces the walkable and well-connected First Hill neighborhood with clean architectural lines and smart-green features. The eight-story building consists of 325 contemporary residences with an exceptional collection of first-class amenities including a rooftop deck with sweeping views of Puget Sound, a club-quality fitness center, an indoor/outdoor sports lounge, and an expansive central courtyard with private patios. Retail tenants include the global gourmet hamburger chain BurgerIM, the locally popular Metropolitan Deli and Café, and Washington-based Locus Cider & Brewing Co.
Capturing the charm and allure of First Hill and blending it with modern finishes and conveniences, Broadstone Lexington opened in March 2018, bringing 75 exclusive residences to the area. Abundant natural light coupled with high ceilings translates to fresh, bright and open spaces with an amenity-rich, boutique living experience. More than 6,700 square feet of amenity space includes an entertainment rooftop veranda with panoramic views of Seattle, a dedicated study lounge, and club room with chef’s kitchen. These exceptional city flats feature designer finishes, stainless steel appliances, and oversized windows and are the new landmark of luxury in Seattle’s First Hill neighborhood.
Construction financing was arranged and provided by the New York office of Helaba, also known as Landesbank Hessen-Thueringen Girozentrale headquartered in Germany and conducting business around the globe.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.