Seattle-based developer Intracorp sold off its newly built Springline Apartments in West Seattle for $57,250,000 or $420,955 per unit to Chicago-based Equity Residential in a deal that closed May 11.
King County public records show $122,400 was deducted in personal property resulting in a taxable selling price of $57,127,600.
Intracorp developed the Springline Apartments in West Seattle’s Admiral District in 2016. The five-story building offers 136 residential units, two of which are live/work. They are one and two-bedroom units, averaging 771 square feet, with large windows and walk-in closets in some. They also offer below-grade parking stalls and a rooftop amenity space equipped with a dog lounge, fire pit and barbecue. Residents also have access to a fitness room, bike storage and repair station and 6,623 square feet of retail space on the street level.
Equity Residential is no stranger to the Seattle real estate market. Last March, the company acquired the Packard Building in Capitol Hill for $25.8 million or $422,950 per unit. The building was originally built in 1911 and went through a renovation in 2010 to include 61-units of housing.
All in all, Equity Residential owns or has investments in 302 properties with 77,498 apartment units across the United States. The company wholly owns 280 of those properties or 72,485 units. The remaining properties are either consolidated master-leased properties, consolidated partially owned properties or unconsolidated partially owned properties.
The company’s primary markets include Boston, New York, Washington D.C., Seattle, San Francisco and Southern California. According to a first quarter 2017 earnings report, as of March 31, 2017, Equity Residential has 37 properties in Seattle for a total of 7,096 units. Combined, the units rent for $2,172 on average.
The earnings report also details a number of other development and lease projects the company has in the pipeline. In Seattle, Equity Residential has two projects under development, Helios (formerly 2nd & Pine) and Cascade. Helios is a 398 unit apartment building that is currently 90 percent complete. The other apartment building, Cascade, is a 477 unit building that’s 79 percent complete and 2 percent leased. Both buildings are expected to be completed in Q3 2017.
Philip Assouad and Giovanni Napoli of Kidder Mathews represented Intracorp in the sale. They were also the brokers representing the seller in the Packard Building transaction last March.