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May 12, 2017

Intracorp sells Springline to Equity for $57M

Seattle Daily Journal of Commerce

A new apartment complex called Springline at 3220 California Ave. S.W. just sold for $57.1 million, according to King County records.

Intracorp paid a little over $5 million in 2014 for the large site in the North Admiral neighborhood, and then developed the 136-unit Springline. Construction began in 2015 on the project, which was initially called Admiral East.

The buyer was EQR-Springline LLC, which is associated with Equity Residential, a large Chicago-based REIT. Equity owns or manages 302 apartment properties with over 77,000 units. The chairman and co-founder is investor Sam Zell. Equity has a market capitalization of about $24 billion.

Its website lists 36 Seattle apartment properties, including Harbor Steps on First Avenue, Odin in Ballard, Packard Building and Pearl on Capitol Hill, and Helios, which is under construction at 204 Pine St. Helios will be 39 stories and have 398 units. Equity is also developing an unnamed project at 1401 E. Madison St., where Piecora's once sold pizza.

Designed by NK Architects, the five-story Springline has underground parking for 152 vehicles and about 5,900 square feet of retail space. West Seattle Blog recently reported that exercise studio barre3 will open there this summer.

Giovanni Napoli and Philip Assouad of Kidder Mathews were the brokers.

© 2017 Seattle Daily Journal of Commerce. All rights reserved.

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