Sequoia Equities, Inc. continues to see potential in the Pacific Northwest; the firm’s latest purchase marks the second “core” high-rise acquisition in the past six months.
WALNUT CREEK, Calif., July 3, 2015 — Sequoia Equities, Inc. announces the acquisition of One Thousand 8th Avenue Apartments, a 351-unit high-rise, apartment building in Seattle, Washington. The property was developed in 1949 and is comprised of 211,119 rentable square feet in two, 14-story residential buildings.
The property is located at the base of the historic First Hill neighborhood adjacent to Seattle’s central business district. This location offers the ideal mix of walkable convenience to the area’s medical and research hubs while being only minutes from the neighboring downtown core.
Sequoia will break ground on an eight million dollar renovation in July to modernize the building’s apartment interiors and amenities. Sequoia Equities’ General Partner and Vice-President of Acquisitions, Pat Reilly, explains, “One Thousand 8th Avenue presents an excellent opportunity for our investors to yield a strong return as a result of value-added renovations. Our plan is to reposition the building through interior and exterior improvements, amenity enhancements, and a full branding overhaul that will pay homage to Seattle’s industrial history while bringing the community into the 21st century.” Interior improvements will include high-style, low maintenance features like wood-plank style flooring, quartz countertops, and full-height backsplashes.
The apartment community was purchased for $93,000,000 with 78% Freddie Mac financing. Sequoia Equities will also provide the day-to-day management services for the building.