(EDITOR’S NOTE: According to public records, the seller of the properties is associated with Star Equity Management, while the buyer is an LLC affiliated with Laird Norton.)
Rising rents and limited supply provide reason for optimism among investment community
Seattle, Wash. – Colliers today announced the successful sale of two multifamily communities known as Stream 15 and Stream Belmont in the Capitol Hill submarket. The two properties sold to a single buyer in an off market transaction that closed for $42,150,000. Led by multifamily experts Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper, the Collliers team represented both the buyer and the seller in the transaction.
“This is a terrific transaction for both parties,” said Wayne. “The price for these properties signals renewed investor confidence in Seattle’s core submarkets.”
The sale of Stream 15 and Stream Belmont provides another example of the city’s increasingly rapid recovery from the COVID-19 pandemic. Despite ongoing problems with homelessness and civil unrest, Capitol Hill has seen both a marked increase in rent and a reduction in available supply that should give investors reason for optimism.
“Rents in Capitol Hill are up 13% on average year to date, and just 429 units are currently under construction, marking a five-year low,” Wayne said. “With limited supply and high demand, the area is poised for outsized growth.”
Stream 15 and Stream Belmont are located at 605 15th East and 500 Belmont Avenue East, respectively. The two properties feature a combined 97 units in addition to retail space and structured parking. Nestled in the heart of Capitol Hill, they also provide residents with unmatched access to neighborhood amenities. Both properties are just a short walk from Capitol Hill’s famed 15th Avenue retail corridor, which boasts dozens of dining and entertainment options.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.