By Kate Snyder
Despite a period of quiet, multifamily deals continue to be recorded in Seattle. An apartment community in Seattle’s Capitol Hill neighborhood has recently traded hands in what appears to be an equity deal, as both the buyer and seller are entities that share addresses with the same company. The site was sold for $105 million, or approximately $460,526 per unit, according to King County public records, and Mill Creek Residential, a real estate investment and development firm, appears to be the property owner. The deal was recorded earlier this month.
CBRE’s Pacific Northwest multifamily team of Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto advised on the transaction.
Modera Broadway is a 228-unit mixed-use apartment community with approximately 9,125 square feet of retail space in two buildings located at 1732 and 1812 Broadway, according to the property’s website. The complex consists of studio, one- and two-bedroom homes with 10 live/work homes. Community amenities include three rooftop decks, a fitness center with a yoga studio, two top-floor lounges and a dog run. Residents also have access to parking and bike storage in the garage area. Apartments feature energy-efficient stainless steel appliances, gas ranges, quartz countertops, vinyl-plank flooring and split-system air conditioning in all homes. Some homes also contain a mix of full-size patios or balconies.
Mill Creek Residential developed the property and began construction on the site in 2019, according to previous reporting by The Registry. In 2020, the firm announced that leasing was underway at the new residential community.
Mill Creek Residential has national offices in Florida and Texas as well as regional offices throughout the country, according to the firm’s website. The company specializes in the investment, development, construction, acquisition and operation of rental communities throughout the nation. Since 1993, the firm has participated in the development of more than 275,000 rental homes and executed more than $25 billion in transactions.
In addition to Modera Broadway, the firm owns a number of residential communities in Seattle as well as Redmond, Everett and Lacey.
