By Meghan Hall
After just over two years of ownership, a major institutional investor has traded away an apartment asset located in downtown Seattle. The deal closed at the end of last week but recorded today, and public records show a limited liability company connected to DWS sold the Tower 801 Apartments for $64 million, or about $369,942 per unit. The buyer is a limited liability company associated with Palo Alto, Calif.-based Pacific Urban Residential.
The Tower 801 Apartments are located at 801 Pine Street. New York City-based DWS acquired the asset in the spring of 2019, when the Los Angeles County Employees Retirement Association (LACERA) transferred the management of the property to DWS. The property was one of four apartment assets around the country transferred by LACEREA to DWS. The other properties were located in Dallas, Marina Del Rey, Calif., and Houston. At the time, the transaction was valued at $534.6 million.
Management of the property was transferred from Chicago-based Capri Capital Partners, according to previous reporting by The Registry. Capri had originally acquired the asset in 2012 for $50.1 million, or about $289,595 per unit.
In all, the Tower 801 Apartments includes 173 units. Units are a mix of studio, one- and two-bedrooms that range in size from just under 440 square feet to nearly 2,000 square feet, according to the property’s website. Units are equipped with walk-in closets, hardwood floors, granite countertops, air conditioning and private balconies. Community amenities include a plunge swimming pool and hot tub, fitness center, sauna, a wireless lounge and a sports lounge.
Located just off of Interstate 5, the property is within easy walking distance to a number of attractions and restaurants. The Seattle Art Museum and Public Library are nearby, as is the Westlake Shopping Mall and Seattle Convention Center. Popular eateries such as Din Tai Fung, Mr. West Cafe and Blue Water Taco Grill are not far away.
Pacific Urban Residential specializes in U.S. apartment investment, and the firm owns more than 200 apartment communities nationwide. According to the company’s website, Pacific Urban first entered the Puget Sound market in 2005, with the acquisition of 2900 on First, which totals 135 units. Pacific Urban also owns Copperfield, a 72-unit complex which it acquired in 2012, and Welch Plaza, which has 90 units and was acquired in April 2014. The company also owns several assets in Bellevue. The company has invested more than $8 billion in communities since its founding in 1998, and targets markets across the West Coast and beyond, including the San Francisco Bay Area, Portland and Los Angeles.