Home Commercial Carmel Partners Acquires Parking Garage in Downtown Seattle for $18.1MM; Multifamily Apartment...

Carmel Partners Acquires Parking Garage in Downtown Seattle for $18.1MM; Multifamily Apartment Project Planned

By Jack Stubbs

On Thursday, September 27th, San Francisco-based multifamily investment firm Carmel Partners acquired a three-parcel property containing a parking garage in downtown Seattle for $18.1 million, King County records show. Public documents list the seller of the property as The Polyclinic, a healthcare/medical company based in Seattle. The transaction was recorded on September 28th.

The sale was for three parcels located at 1104, 1114 and 1120 Boylston Ave., according to public documents. The first two parcels, sitting on .4 acres, include a parking lot comprising 7,200 square feet. The third parcel includes a parking garage sitting on .34 acres.

According to a statement released by Carmel Partners, the company is currently moving forward with the development of an 85-foot tall multifamily apartment project that will feature studio, one- and two-bedroom apartment homes with below-grade parking.

The three-parcel property is located in Seattle’s First Hill neighborhood and adjacent to the Pike/Pine Corridor. The property is roughly four blocks south of Cal Anderson Park and approximately half a mile from the Washington State Convention Center in downtown Seattle.

Founded in 1996, Carmel Partners invests in development and renovation projects in seven core markets nationwide including Denver, Honolulu, New York, Northern California, Southern California, Washington D.C., and Seattle, according to the company’s web site. Carmel is developing the Hyde Square project in Bellevue, a 485,955 square foot project located at 156th Ave NE and NE 20th St that will comprise 618 units.

Previously, the company has bought, renovated and sold eight properties in the Puget Sound region. Some of these properties include Skyline Park, a 192-unit renovation in Kent; Brookside Village, a 177-unit project in Auburn; and Somerset Green, a 101-unit renovation in Bellevue.

In early 2018, Carmel Partners acquired a development site in Seattle’s Ballard neighborhood for $11.75 million. The property, located at 2417 NW Market St., totals just over half an acre, and contains a 21,060 square foot building—currently used as a retail space—built in 1945. The building is currently occupied by Ballard Transfer Co., a family-owned trucking, installation, heavy hauling and rigging company founded in 1905. Carmel is in early stages of planning a residential project on the site that would deliver 180 units with 120 parking stalls in the new structure.