Of all the firms that have made considerable investments across the Puget Sound, it is perhaps the local operators who know best the value of real estate across the region. One such investor, Seattle-based InCity Properties, placed a $31.1 million (around $414,755 per unit) bet on the 75-unit Broadstone Lexington apartment building in Seattle’s First Hill neighborhood. The seller was Phoenix-based Alliance Residential.
The building was part of a two-project sale opportunity that was brought to the market in August of 2019. According to earlier reporting from The Registry, Cushman & Wakefield had been appointed at the time to sell the 400-unit ‘Broadstone First Hill.’ Broadstone First Hill consists of two properties across the street from one another, Broadstone Saxton, located at 520 Terry Ave., and Broadstone Lexington, at 1050 James St, Seattle, WA 98104.
Executive Vice Chairman, Marc D. Renard; Executive Director, Pete Shelton; Senior Director, Manfred Schaub; Senior Director, Kim Grant; and Senior Associate, Morgan Jackson, represented the developer, Alliance Residential in the sale, according to a statement from the company.
The Broadstone Saxton had been acquired by Equity Residential in November 2019 for $167.4 million, according to The Registry’s reporting.
Capturing the charm and allure of First Hill and blending it with modern finishes and conveniences, Broadstone Lexington opened in March 2018, bringing 75 exclusive residences to the area, according to a statement by Cushman & Wakefield. The property features abundant natural light coupled with high ceilings along with bright and open spaces with an amenity-rich, boutique living experience. More than 6,700 square feet of amenity space includes an entertainment rooftop veranda with panoramic views of Seattle, a dedicated study lounge and club room with a chef’s kitchen. The units also feature designer finishes, stainless steel appliances and oversized windows and represent the new landmark of luxury in Seattle’s First Hill neighborhood, according to the marketing materials.
Alliance Residential Company, headquartered in Phoenix with 35 regional offices nationwide including major markets such as Seattle, developed both properties. Alliance is one of the largest private U.S. multifamily companies with offices throughout the West, Southwest, South-Central, Southeast, Mid-Atlantic and Northeast, according to the firm’s web site. The company has invested in more than $10 billion worth of real estate and manages a $20 billion portfolio with a focus toward superior local leadership and a comprehensive national support structure.
InCity Properties Holdings’ address is listed in the buyer’s information on public documents with two LLCs participating as the owners of the property. InCity is a Seattle-based investment and property management firm that focused on residential and commercial property management, construction management, asset management and residential lease-ups. It’s President, Tom Colombo, was the head of Global Sales Operations at AWS (an Amazon.com company).