By Meghan Hall
Holland Partner Group has disposed of a 40-story residential tower, Kiara, in downtown Seattle’s Denny Triangle—marking one of the biggest transactions of the year-to-date. In a transaction that closed on July 7th, Holland Partner Group sold the asset for $320 million, or about $694,000 per unit. The buyer is Oxford Properties Group, which has been wholly-owned by the Ontario Municipal Employees Retirement System (OMERS) since 2003.
Located at 970 Denny Way, the residential tower was completed in 2018, and was designed to add a sleek addition to the Seattle skyline while also activating the ground plane with pedestrian activity. The building includes 461 residential apartments with a range of unit types from studios to urban one-, one-, two- and three-bedroom units. Rents begin at about $2,335 per month and go beyond $10,000 per month for the largest units and penthouses, according to data from Apartments.com. Units are outfitted with stainless steel appliances, gas ranges, quartz countertops and plank flooring throughout, as well as private patios and balconies and glass backsplashes and tile flooring.
Weber Thompson designed the tower, which also 15,098 square feet of retail space and three levels of amenities, including two rooftop decks, clubroom with presentation kitchen, game room, fitness center and conference rooms. A dog lounge and dog play area are also part of the tower’s offerings.
OMERS, which was first established in 1962, is one of Canada’s largest pension plans. According to its website, the pension plan has approximately 470,000 active and retired members and 1000 participating employers, and is funded by contributions and investment earnings.
Holland Partner Group, Kiara’s developer and now previous owner, is active throughout the Seattle region and greater West Coast. HPG principals have hit a transaction volume that represents more than 50,000 apartment homes and exceeds $20 billion in value across markets such as Portland, Los Angeles, San Francisco and Denver. In September of last year, HPG broke ground on another Seattle development: The Boren, part of a dual-tower development along with the Virginia Tower. Upon delivery, the project will bring 410 residential units and nearly 7,500 square feet of ground floor commercial space—belonging to the Cornish College of the Arts— as well as 53,000 square feet of commercial space on levels two through four, to market.
