(EDITOR’S NOTE: According to public documents filed with the county, the sale closed on October 27th, 2017 in the amount of $225,250,000, or nearly $719,648 per unit.)
SEATTLE, Oct. 27, 2017 — One of Seattle’s premier urban residential buildings was purchased today by Weidner Apartment Homes, a northwest company with more than 40 years of experience as a leader in the apartment industry across North America.
Tower12 was developed and built by local companies and now the 313-unit apartment building located at 2nd and Virginia will stay in northwest hands. Located near Seattle’s historic Pike Place Market, Tower12 opened in mid-2017 with sweeping views of Elliott Bay, both the Cascade and Olympic Mountain ranges and the Seattle skyline.
The acquisition is the largest to-date in its home market for Weidner Apartment Homes, a Kirkland, WA-based company with more than 50,000 units throughout the U.S. and Canada.
“Weidner is committed to the northwest and we are thrilled to acquire and manage Seattle’s foremost downtown apartment building,” said Greg Cerbana, vice president. “The Tower12 building will be the flagship property for Weidner in the northwest. Local building ownership is important to the long-term economic health of the Seattle rental housing market. Weidner’s reinvestment in its own backyard keeps resources in the Pacific Northwest.”
Weidner is a recognized leader in providing a wide variety of quality rental housing options in each of the communities it serves.
Tower12 was developed by Bellevue, WA- based Continental Properties LLC, known for setting the standard for quality apartment communities over four decades with more than 3,000 multi-family units in the northwest.
“At the time of the groundbreaking, if I could have picked one buyer then it would have been Weidner Apartment Homes because of our past transactional experience with them, their integrity, reputation and their local presence,” said Claudio Guincher, president of Continental Properties, LLC. “Weidner is an ideal buyer for this iconic building.”
Tower12 is an exceptional 34-story high rise residential tower, just one block from the historic Pike Place Market in downtown Seattle. The location offers incredible water views and connects Tower12 to the best that Seattle has to offer: an expanding employment base, restaurants and retail, entertainment and recreation, transportation and stellar water and city views. Tower12 offers 313 apartment homes built to superior standards and finishes, including large units averaging 847 square feet, 9′ to 11′ ceiling heights, gas cooktops, and air conditioning.
Extensive amenities include an indoor/outdoor top-floor resident clubhouse offering multiple gathering areas, kitchen and bar, resident lounge, library, a fitness center and a yoga room. The rooftop garden provides a gas fire pit lounge area and barbeque grills with seating for dining. Water views are featured in nearly 70 percent of all apartments, as Tower12 is significantly taller than other buildings on the block. Other amenities include a theater and media room, board room, pet run and grooming station.
The following firms were instrumental in taking the Tower12 project from conception to completion: PCL Construction Services – general contractor, Cary Kopczynski & Company (CKC) – structural engineer, Avenue5 Residential – residential leasing and management team, Sechrist Design Associates, Inc.– interior design, Weber Thompson – design architect, MG2 – architect of record, Rushing – MEP, energy code compliance and LEED consultant, Pace – civil engineers, Morrison Hershfield – building envelope consultant, Thomas Rengstorf & Associates – landscape architect, CBRE – listing brokers.
About Weidner Apartment Homes
Founded in 1977, Weidner Apartment Homes offers residents and associates stability in an ever-changing economic climate. Weidner is consistently ranked among the top apartment owners throughout the US and Canada. With more than 260 buildings, and 50,000 units owned and self-managed, Weidner is known for holding on to their properties for the long term, and is committed to excellent customer service, responsive management, and sustainable living practices.