The close of the year promises to be a busy one as investors wrap up their deals ahead of the excise tax law change that starts at the beginning of 2020. New York-based Vanbarton is one of those investors, which this week purchased the 265-unit The Danforth apartment building located at 1425 Spring Street in Seattle for $210 million, or $792,452 per unit, according to sources with direct knowledge of the sale. Vanbarton paid all cash to the seller, Columbia Pacific Advisors, which developed the newly constructed project.
Designed by Tiscareno Associates and GGLO, The Danforth offers spacious one, two and three-bedroom plans, according to the property’s web site. This 16-story tower anchors Capitol Hill, First Hill and Seattle University at the notable intersection of Broadway & Madison. This neighborhood has been undergoing a major transformation, and a number of new developments have been proposed in the neighborhood that will transform this part of Seattle.
The property is also anchored by a Whole Foods Market on the ground floor, and it offers a number of modern urban amenities, such as a fitness studio, a mezzanine lounge, a demonstration kitchen and a business center, among others.
This is not Vanbarton’s first deal in Seattle. The investor spent $305 million in July of 2019 to acquire 901 5th, a 41-story high-rise at the center of the city’s Central Business District. 901 5th Ave. features several amenities including a high-tech conference center, new, state-of-the-art fitness center, bike storage, a coffee shop and deli, valet parking and a renovated lobby. The Class A building also features an outdoor landscaped terrace and high ceilings.
Vanbarton announced earlier that it had named David Schore as senior managing director to oversee the opening of the firm’s Seattle office. The company’s focus in Seattle, according to a statement released by the company, will be on acquiring both Class A and B office and multifamily assets. The company is also considering providing capital on transitional assets, such as those currently under construction. Vanbarton currently has $5 billion of assets under management in major gateway markets such as San Francisco, Los Angeles and New York City.