By Meghan Hall
Multifamily developer and operator Mill Creek Residential has sold off one of its numerous Puget Sound area assets, marking one of the biggest transactions of the quarter to-date. In a sale that closed on September 9th, Mill Creek sold Modera First Hill for $125 million, or about $434,000 per unit. According to public documents, the buyer is an entity affiliated with OZH Holding 4 LLC, based in Bellevue.
Located at 125 Boren Ave. S., the complex rises seven stories and includes luxury 288 apartment homes, according to Mill Creek’s website. The units are a mix of studio, one- and two-bedrooms which range in size from 477 square feet to 1,059 square feet. Apartment interiors are finished with stainless steel appliances, quartz countertops, tile backsplashes and vinyl plank flooring. Patios or full balconies are also part of the complex’s offerings.
Community amenities are also expansive and include a rooftop deck and barbecue, fitness center, yoga studio, dog run and pet grooming station. Outdoor dining and lounge areas and a media room and game lounge are also available for resident use. Two levels of subterranean parking are included in the property.
Boca Raton, Flor. -based Mill Creek has developed a number of properties throughout the Puget Sound, including Modera First Hill, which was just completed this year. Thus far, Mill Creek has developed six communities within Seattle, such as Modera South Lake Union and Modera Jackson. Most recently, Mill Creek Residential announced the groundbreaking of Modera Overlake, just ten minutes from Microsoft’s world headquarters. As of March of this year, the company’s portfolio included 79 communities and more than 21,300 apartments operating or under construction.
The deal for Modera First Hill is a sign of the apartment industry moving forward after a slow start to the year. An August report released by Kidder Mathews shows that between April and June of this year, sales volume totaled $261 million, and the average price per unit came in at $245,457. While sales volume was down, pricing continued to come in around 2019 and pre-COVID-19 levels, an indicator of investor faith in the market.