$60M Seattle apartment sale comes as rents poised to jump
Harrison Square Apartments was rebranded Novi at Queen Anne following the recent $60.1 million sale of the 166-unit property in the Uptown neighborhood. The sales amount is slightly higher than the assessed value of the asset. (COURTESY OF BERKADIA)
San Diego-headquartered real estate company ColRich is the new owner Novi at Queen Anne, a half-block apartment building in the Uptown area. Before the sale, the circa-1994 property was called Harrison Square.
The sales affidavit that King County posted on Monday shows ColRich paying Equity Residential (NYSE: EQR) $60.1 million for the 166-unit building at 312 Second Ave. W. That is only slightly above the county’s assessed valuation, though the current assessment is 8.4% below 2022’s.
The deal was the Puget Sound region’s eighth-largest sale so far this year, according CoStar Group data. The largest was August’s $125 million deal for the 360-unit Radiate Apartments in Redmond. Among the top 10 sales, six occurred on the Eastside, three in Seattle and one in Everett.
Investment sales have been few and far between this year, and multifamily values have declined up to 30% in the region, where development has dried up. This comes as developers contend with rising interest rates and stricter lending standards.
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