Home Finance PGIM Buys Seattle Apartment Tower for $293MM

PGIM Buys Seattle Apartment Tower for $293MM

PGIM, Urban Visions, West Edge, Seattle,
Courtesy of West Edge

By Meghan Hall

PGIM has made a big investment into downtown Seattle. In a deal that was finalized February 11th, but just recorded, the asset management arm of Prudential Financial purchased an apartment tower known as West Edge for $293 million, or about $849,475 per unit. Public records show that the seller was an entity affiliated with Urban Visions Sustainable Real Estate.

The 39-story tower is located at 1430 Second Ave. Built in 2018, the asset includes 345 one-, two- and three-bedroom units, according to Apartments.com. Residences range in size from just over 500 square feet to more than 2,700 square feet, while rents begin at about $2,100 per month.

Community amenities include two entertainment suites, car wash stations, indoor pet lounge and outdoor pet terrace, an eight floor lounge with terraces and grills, a fitness club, and a second lounge on the 39th floor.

“West Edge is perfectly situated in the center of it all, with incredible access to the city’s teeming array of business pursuits, entertainment venues and cultural interests,” the community’s website states. “Your choice of one- and two-bedroom and Penthouse level homes are part of the awe-inspiring Seattle skyline, designed by internationally-renowned architect Tom Kundig. West Edge is perfectly balanced on the edge of where you want to be and what you want to do.”

PGIM had invested heavily in the Puget Sound over the past year, not just in multifamily but in other commercial assets. In March of 2021, the firm paid $169 million for Microsoft’s Advanta Campus in Bellevue. The deal was part of a joint venture with Talon Private Capital. In September, PGIM sold two apartment complexes–Vantage Park at First Hill and 700 Broadway–for a combined $68.4 million. In December, it acquired a 166-unit Tukwila senior living community for $85 million, or about $512,000 per unit.