By Jack Stubbs
On Tuesday, December 11th, Dallas-based developed Mill Creek Residential Trust spent $27.1 million to acquire a three-parcel property—which includes the Bonney-Watson Funeral Home—in Seattle’s Capitol Hill neighborhood, King County records show. The seller was Bonney-Watson Co. based in SeaTac, Washington.
Mill Creek Residential Trust did not respond to calls for comment about the recent transaction in time for the publishing of this story.
The sale was for a three-parcel property in Seattle’s Capitol Hill neighborhood located at 1732, 1812 and 1818 Broadway St., according to public documents. One of the parcels includes the Bonney-Watson Funeral Home, which is a 19,810 square foot building constructed in 1962. The second two parcels comprise an associated parking lot. The three-parcel property sits at the corner of E. Howell St. and Broadway and is also adjacent to Cal Anderson Park. The Bonney-Watson Funeral Home is also roughly half a mile from access to Interstate-5 and approximately one mile from Seattle’s Central Business District.
It is not entirely clear what plans Mill Creek Residential Trust has for the recently-acquired property.
Founded in 2010, the company develops, builds, acquires and operates high-quality apartment communities in desirable markets coast to coast, according to its web site. Collectively, the company’s development team has participated in the development of more than 275,000 apartment homes nationwide and executed more than $25 billion in transactions. Mill Creek Residential’s projects include new construction, historic redevelopment and mixed-use communities.
Mill Creek Residential’s portfolio includes several properties in Seattle. Some of these include the Modera Apartments in Ballard, the Modera Jackson, Modera Capitol Hill, Skye at Belltown and Modera South Lake Union.