By Jack Stubbs
The Seattle multifamily market continues to attract interest from Bay Area based firms looking to expand their portfolios in the Emerald City—and another recent transaction suggests that this trend shows little signs of slowing heading into fourth quarter 2019.
On October 28th, in a transaction that was recently recorded, San Francisco-based real estate investment and development company Cahill Equities spent $75 million, or around $465,838 per unit, to acquire the Verve Apartments in Belltown, King County records show. The seller, New York-based Clarion Partners, purchased the property for $77.7 million in October 2015 in a transaction announced by Columbia Pacific Advisors.
Located at 2720 Fourth Ave. in the heart of Belltown, Verve is a Class A multifamily property offering 161 distinct studio, one and two-bedroom floor plans averaging 678 square feet. In addition to 6,400 square feet of retail space, Verve also offers a sky lounge and rooftop terrace with panoramic views of the Puget Sound, a 24-hour fitness center and a Solarium.
The Verve Apartment’s location—just south of various local attractions like Space Needle Park and the Pacific Science Center and several blocks east of Olympic Sculpture Park—is one of the property’s main draws, offering residents convenient access to various retail, recreation and dining opportunities in close proximity, according to its web site.
The property is within blocks of Denny Park, the Fremont Original Outdoor Cinema and the Boeing IMAX Theater, and is also less than one mile from Westlake Center and Pike Place Market.
The recent transaction between Cahill and Clarion Partners marks the latest chapter for The Verve Apartments, which has been in the works for the last several years. Columbia Pacific’s development team led the construction and lease-up of Verve, and broke ground on the 13-story project in April 2013, completing construction in the fall of 2014. The building achieved stabilized occupancy in mid-2015, during which the area of Belltown has continued to evolve due to existing and in-the-works multifamily properties changing the fabric of the neighborhood.
“Verve reflects our vision of developing exceptional properties in areas with rapid employment growth and strong long-term demographics,” said Todd Seneker, Portfolio Manager for Columbia Pacific’s private real estate investment strategies, at the time of the property’s sale in October 2015. “This particular neighborhood is well-positioned to benefit from Seattle’s emergence as a center for leading technology companies. As these companies expand, new job opportunities are created, driving demand for rental properties that foster a modern lifestyle.”
Cahill Equities is the real estate investment and development group for the Cahill family. With over 100 years of construction and investment experience, Cahill Equities utilizes its knowledge and experience in capital market transactions, construction and asset management to maximize value from its investments, according to the company’s web site.
The group has managed more than $1B in acquisitions, dispositions and related financings in office, multifamily, retail, parking and industrial property assets.