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May 16, 2017

In contrarian move, Equity buys another new in-city apartment complex for $57M

Puget Sound Business Journal

Marc Stiles

One of the nation's largest apartment landlords is the new owner of a recently completed complex in West Seattle.

Equity Residential paid just over $57.1 million for the Springline Apartments at 3220 California Ave. S.W., according to a deed that King County posted Thursday.

Seattle-based developer Intracorp was the seller of the mid-rise building, which has 134 residential units, a pair of live/work units, 5,900 square feet of commercial space and 152 underground parking stalls, according to city records.

The sale bucks the trend of investors pouring big money into properties in suburbia, where rents are rising faster than in the urban core due to increasing demand from tenants getting priced out of the city.

Chicago-based Equity is the third-largest landlord in the country per the National Multifamily Housing Council. It has been selling off large suburban assets and buying and building smaller urban ones.

In recent years, Equity unloaded four Eastside properties for a total of $209.1 million, while buying up new buildings and a development site on Capitol Hill for a total of $105.8 million.

Equity in 2015 bought a new apartment building in Redmond, though it's in the suburb's downtown, which has taken on a more urban vibe in recent years.

Equity's national portfolio contracted nearly 29 percent to just over 78,000 units last year, the National Multifamily Housing Council reported.

Equity's boldest move in Seattle is a new 40-story luxury tower by Pike Place Market. Crews from Turner Construction are completing work on the glassy, 398-unit project.

The size of Equity's national portfolio dropped nearly 29 percent to just over 78,000 units last year, the National Multifamily Housing Council reported.

Brokers Giovanni Napoli and Philip Assouad of Kidder Mathews represented Intracorp in negotiations.

For the full story, go to Puget Sound Business Journal.

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