Seattle Tower Sold Cheap, REITs Thrilled
Record-Breaking Kiara Tower Transaction Signals Market Opportunity Seattle's residential real estate market is currently under pressure due to economic uncertainty. Despite this, the Kiara tower sold for $322.7 million, setting a new record for apartment transactions in the city. The financial strain faced by major U.S. counties has not deterred keen investors in premium markets, as evidenced by this transaction. Ponte Gadea Group acquired the 41-story luxury tower at 111 Terry Ave. N. in December 2022. This transaction marks the highest-priced apartment building sale in Seattle's history. Each unit was valued at an average of $700,000, spanning 461 apartments and 29 penthouse suites. Market growth indicators showcase an ongoing institutional interest in premium multifamily assets, even amid economic challenges. The sale's price exceeded Oxford Properties Group's 2020 purchase of the tower, which was $320 million. This indicates a growing confidence in South Lake Union...