By Kate Snyder
A former senior living property was sold in Seattle recently, showing that investors continue to be drawn to the city. The property was sold for $19 million, or about $157,025 per unit and $309 per square foot, according to King County public records. The buyer was an entity that shares an address with InCity, which is a property management firm based in Seattle. The seller was an entity affiliated with Welltower, a real estate investment trust with a focus on healthcare properties.
Located at 11501 15th Ave. NE, the property was built in 1962 and has a total of 121 units, according to information from Kidder Mathews. Out of its total units, 88 are classic units, 28 are upgraded units and five are renovated units. The average unit size is 515 square feet. In the building, about 12,000 square feet is associated with senior housing operations.
The property began as a decommissioned senior housing facility in an emerging market outside, according to information from Kidder Mathews, which brokered the sale. Prior to the sale, the property “had no income, insufficient parking and had never been used as market-rate apartments before.”
Kidder Mathews’ Dylan Simon, Matt Laird and JD Fuller represented the seller. Kidder Mathews was the only broker involved in the transaction.
“We took the property to market 100 percent vacant and with no historical operations as a market-rate apartment building,” Simon said in a released statement. “We ran a comprehensive and robust marketing campaign — resulting in our team hosting 45 tours, delivering 19 offers to our client, and closing the sale just 22 days from contract signing.”
Welltower is headquartered in Toledo, Ohio. The firm owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of senior housing and post-acute communities and outpatient medical properties, according to the firm’s website. The company is dedicated to improving people’s wellness and overall health care experience and invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to accomplish those goals.
The firm has been active in the Puget Sound area for a number of years. In 2021, the company purchased both Edmonds Landing Assisted Living and The Terrace at Beverly Lake Communities in Snohomish County for a combined $40.5 million, according to The Registry’s previous reporting. The seller of both properties was Chicago-based Ventas. The year before, IRA sold a 19-property portfolio for approximately $300 million to Welltower.
