By Meghan Hall
Seattle apartment assets are continuing to sell fast. In another deal to close at the end of the year, the Post at Pier 52 Apartments in Seattle have sold for $107.5 million, or about $516,827 per unit. The buyer of the property, according to public records, was Greenwood Village, Colo.-based Griffis Residential. The seller was an entity affiliated with Hartford, Conn.-based UBS Realty Investors.
The property is located at 888 Western Ave. According to Apartments.com, the building rises 16 stories and was originally constructed in 2012. In all, it totals 208 units which are a mix of studios, one- and two-bedrooms. The units vary in size, ranging from about 427 square feet to 1,276 square feet. Rents begin at just under $1,800 per month and reach nearly $6,200.
Units feature hard-wood flooring and high ceilings, kitchen islands and central AC and are also equipped with granite countertops, stainless steel appliances and Smart Home locks and Smart Home thermostats. Community amenities are extensive, according to Apartments.com, featuring a 24-hour fitness center, off-leash dog park, business center, dry cleaning, rooftop lounge and reflection pool, and more.
The Post at Pier 52 Apartments complex is located in the heart of Seattle, blocks from the Seattle Ferry Terminal and not far from other attractions such as the Seattle Aquarium, the Seattle Great Wheel, and other shops and restaurants.
Upon its acquisition, Griffis Residential renamed the community to “Griffis Seattle Waterfront.” The property is not Griffis’ first in the region; the firm also owns Griffis North Creek Bothell, Griffis Lake Washington and Griffis Belltown. The company also owns assets in Denver, Austin, Southern California and Portland. In all, Griffis owns approximately 8,000 residential units across its portfolio.