By Kate Snyder
An apartment complex in Seattle’s Capitol Hill neighborhood traded hands recently in a transaction that shows investors’ continued attraction to the city. The 45-unit Solis Apartments was sold for $28.5 million, or approximately $633,333 per unit, according to King County public records. The buyer was an entity affiliated with The Mondivan Group, a Vancouver-based boutique real estate development company with a focus on mid-sized mixed-use and residential projects. The seller was an entity affiliated with SolTerra, the firm that also developed the apartment complex.
Cushman & Wakefield announced that the team of Sam Wayne, Tim McKay, Matt Kemper and Dan Chhan of the firm’s Multifamily Capital Markets in Seattle represented the seller. SOLIS was originally planned as a for-sale condo project but pivoted to a rental property during Summer 2019.
“SOLIS is an extraordinary condo-quality podium apartment building at a main-and-main corner in the desirable Capitol Hill neighborhood,” said Managing Director Sam Wayne. “The purchase price of $633,333 per unit is reflective of its top quality and prime location.”
Located at 1300 E Pike St., the apartment building is positioned on the former headquarters of Fran’s Chocolates. The complex offers a mix of studios, one- and two-bedroom units in various floorplans, according to the property’s website. Nearby the property is a variety of restaurants, entertainment venues and local businesses.
Solis’s design concept was to provide sustainable, luxury living in the heart of Seattle’s Capitol Hill, according to The Registry’s previous reporting. The design is based on Passive House principles which reduce energy use and operational costs while prioritizing resident health and wellness. Two years ago, the complex officially achieved Passive House certification, making it the largest multifamily Passive House project in Washington State.
SolTerra is a real estate development firm with a focus on residential and mixed-use projects. The firm has a history of building ultra-sustainable projects in the Pacific Northwest, including numerous LEED Platinum buildings and sustainable energy projects.
Seattle has seen other multifamily properties trade hands in sales transactions recently.
In one deal, the 166-Unit Harrison Square Apartments was sold for $60.1 million, or approximately $362,048 per unit. The buyer was an entity affiliated with ColRich, and the seller was an entity that shares an address with Equity Residential Properties, an apartment management company. Located at 312 2nd Ave. W, the nine-story building was constructed in 1994 and offers a mix of studios, one- and two-bedroom apartments.