Home Finance Oxford Properties Group Sells 461-Unit Kiara Apartments in Seattle for $322.7MM

Oxford Properties Group Sells 461-Unit Kiara Apartments in Seattle for $322.7MM

Oxford Properties Group, Kiara, Seattle, Ponte Gadea Kiara LLC, Ponte Gadea, Spain, Denny Triangle, South Lake Union, Denny Park, Seattle Center, OMERS, Canada, Puget Sound

By Kate Snyder

In a recent transaction, Seattle’s luxury residential tower Kiara traded hands for $322.7 million, or approximately $700,000 per unit, according to King County property records. The seller was Oxford Properties Group, which purchased the building in 2020 for $320 million, and the seller was an entity affiliated with Ponte Gadea Kiara LLC. Ponte Gadea is the real estate arm of a private high-net worth capital source based in Spain which is affiliated with the founder of global retailer Zara and has been investing heavily in markets across the U.S.

The deal was recorded on Dec. 13. CBRE’s Pacific Northwest multifamily team represented the buyer.

Located at 111 Terry Ave. N, the residential tower includes 461 residential apartments with a range of studios, one-, two- and three-bedroom units, according to the property’s website. Interior amenities include stainless steel appliances, gas ranges and quartz countertops as well as private patios and balconies. The tower’s community features are a rooftop terrace, clubroom with presentation kitchen, game room, fitness center, conference rooms and a dog lounge.

Kiara is located on the border of Seattle’s Denny Triangle and South Lake Union neighborhoods, which are just north of downtown Seattle and contain an abundance of restaurants, bars, entertainment and retail. Nearby attractions include Denny Park and the Seattle Center. The tower itself also houses 15,098 square feet of retail space, according to The Registry’s previous reporting. The building was constructed in 2018 and won ‘High Rise Residential Development of the Year’ at the 2019 NAIOP Night of the Stars program.

Ponte Gadea was founded by Amancio Ortega Gaona and has spent more than $1 billion in the Seattle area in the past three years. In 2019, the firm purchased both Arbor Blocks East and Arbor Blocks West – two Facebook-leased office buildings in South Lake Union – for a combined $415 million, according to previous reporting from The Registry. The seller of the properties was Vulcan Real Estate.

Also in 2019, Ponte Gadea paid $740 million, or nearly $912 per square foot, to acquire the 811,520 square foot Amazon-leased Troy Block office complex in South Lake Union.Troy Block is located at 300 Boren Avenue North.

Over the years, the company has also invested heavily in the San Francisco Bay Area and is no stranger to major acquisitions; in 2016, it purchased the well-known 360 Post Street Building, also known as the Tiffany Building for $135 million, or $1,365 per square foot. It also purchased Pacific Place in San Francisco for $475 million, or about $1,082 per square foot.

Oxford Properties is based in Canada with offices around the world and is owned by OMERS, a pension plan with $119.5 billion in net assets across a global portfolio of public market, infrastructure, private equity, venture capital and real estate investments, according to the firm’s website. Oxford manages $82 billion of assets across four continents and eight sectors, representing 165 million square feet of commercial space, 3,000 hotel rooms and 10,000 residential units as well as maintaining a multi-sector and multi-market development pipeline.

“Our portfolio is focused on premium properties in the best locations,” the firm’s website states. “The kind of places where people and companies want to be.”