Home Finance Essex Property Trust Buys Seattle Apartment Complex for $47.6MM

Essex Property Trust Buys Seattle Apartment Complex for $47.6MM

Essex Property Trust, Seattle, Oly-Ida Canvas LLC, Goodman Real estate, 600 Elliott Avenue West, Canvas Apartments
Courtesy of the Canvas Apartments

By Meghan Hall

Apartment investors are still closing deals, taking no breaks even as the year ends. In another apartment deal that closed just before end of year, Essex Property Trust acquired the Canvas Apartments for $47.6 million. The seller, according to public records, was Oly-Ida Canvas LLC, affiliated with Goodman Real Estate.

The property is located at 600 Elliott Avenue West in Seattle and sold for about 386,992 per unit. In all, the asset features 123 apartments and was built in 2014. Units are a mix of one- and two-bedrooms and range in size from about 450 square feet to more than 1,100 square feet, according to Apartments.com. 

Community amenities for the property include a resident lounge, fitness center and rooftop deck with barbecue and fire pit. Flex Rent, which allows residents flexibility on when they pay rent, is also available to residents, as is an indoor bike storage room and parking garage.

Essex Property Trust has found success during the past year in its West Coast markets, including Seattle. According to its third quarter financials, the multifamily investment group reported continued growth and a net operating income of more than $990 million. Seattle currently accounts for about 17 percent of the company’s total net operating income. Across its Seattle portfolio, the firm’s year-to-date occupancy was 96.4 percent, just up from 96 percent during the same period in 2020.

With improving fundamentals, Essex has had a busy year. As of November, the firm had acquired $225.8 million in multifamily housing and disposed of $330 million. In October, Essex and the State of Wisconsin Investment Board (SWIB) announced a new joint venture with $660 million of buying power. The joint venture, called Wesco VI, will invest in markets where Essex is currently active, including Seattle.

In recent months, Essex has acquired other Puget Sound assets. The firm recently completed its $55 million purchase of the  Monterra Apartments in Mill Creek, Wash. The complex totals 139 units. Essex also purchased a 155-unit apartment complex in Lynnwood, Wash., for $53 million. In all, the company owns and operates about 244 apartment communities spanning 60,000 units across its main West Coast markets.