(Editor’s Note: King County public records show that the buyer was an entity that shares an address with Red Tail Acquisitions and the seller was an entity affiliated with Equity Residential.)
Seattle, Wash. (October 19, 2023) – Seventh and James Apartments, a mid-rise apartment building totaling 96 units in Seattle’s First Hill neighborhood, sold this week for $26,900,000 (about $280,208 per unit) in a fully marketed sale by Kidder Mathews’ Simon and Anderson team. The seller, a large institutional owner, acquired the property decades ago. Dylan Simon, Matt Laird, and JD Fuller of the Simon Anderson team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the seller in the marketing and sale of this highly sought-after investment property. Kidder Mathews sourced the buyer and was the only broker involved in the transaction.
Seventh and James Apartments is a five-story, podium-style building constructed in 1992. The well-amenitized property is conveniently located at 600 7th Avenue in Seattle’s vibrant First Hill neighborhood, steps from downtown. Its bullseye location provides equal access to downtown and First Hill job centers, as well as adjacency to Seattle’s best lifestyle amenities across Capitol Hill, Pioneer Square, and the emerging downtown waterfront.
“We were extremely pleased to see the investment community recognize this opportunity to invest in Seattle’s future,” said Simon. “Realizing the resiliency of the city’s great urban neighborhoods, as well as the future opportunity as Seattle continues to grow as the best urban center on the West Coast. Kudos to both seller and buyer for a seamless transaction amidst a challenging capital markets environment.”
About the Simon and Anderson multifamily team apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across greater Seattle and Washington State. Its team of 10 brokerage professionals specializes in the sale of apartment buildings and development land from $1 million to more than $100 million.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts 2,800 appraisal, consulting, and cost segregation assignments annually.