[EDITOR’S NOTE: According to public records, the sale price was $77.7 million. The buyer is Clarion Partners.]
SEATTLE, Oct. 1, 2015 — Columbia Pacific Advisors, LLC (“Columbia Pacific”), a Seattle-based alternative investment firm, announced today it completed the sale of Verve, a multi-family property in downtown Seattle’s Belltown neighborhood, to an undisclosed buyer. The 161-unit building sits at a premier location, 2720 4th Avenue at Denny Way, offering residents unobstructed views of the Puget Sound, Lake Union and Seattle skyline atop a thriving, walkable neighborhood with numerous dining and entertainment options.
“Verve reflects our vision of developing exceptional properties in areas with rapid employment growth and strong long-term demographics,” commented Todd Seneker, Portfolio Manager for Columbia Pacific’s private real estate investment strategies. “Our market analysis confirmed that 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.”
Columbia Pacific’s development team led the construction and lease-up of Verve, which broke ground on the 13-story development in April 2013 and completed construction in the fall of 2014. The building achieved stabilized occupancy in mid-2015. The Class A core multifamily property contains 161 distinct studio, one and two bedroom floorplans at an average size of 678 square feet. Verve offers luxury-level finishes, subterranean parking and approximately 6,400 square feet of retail space.
Verve was co-developed with HB Management and Jones Lang LaSalle’s Seattle Multi-family Team was the exclusive broker for the transaction.
About Columbia Pacific Advisors, LLC
Columbia Pacific Advisors, LLC manages more than $1 billion* across a variety of alternative investment strategies including private real estate, private equity, distressed debt and special situation lending. The firm utilizes deep fundamental research and seeks to generate compelling, consistent risk-adjusted returns. Columbia Pacific Advisors, LLC is headquartered in Seattle, WA. For more information, please visit www.columbiapacific.com
*Regulatory assets under management as of 6/30/15.