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9/27/17
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Stella Apartments, a 20-unit community in the First Hill neighborhood of Seattle, WA, sold for $6.85 mil, or $342.5k/unit. Stella is ideally located less than one mile from Downtown Seattle and within blocks of the Pike-Pine corridor, Seattle University and the First Hill Medical community.
Originally constructed in 1970, Stella recently underwent a significant renovation to unit interiors, common areas and the building exterior. The thoughtfully designed one-, two-, and three-bedroom floor plans are intended to maximize entry space and appeal to the First Hill neighborhood’s growing diverse tenant base. Over-sized windows provide spectacular views of the Seattle skyline, Elliott Bay, nearby stadiums and the Olympic Mountains, while vinyl plank flooring, in-unit washer and dryers, and professionally designed kitchens set this building apart from its competitors.
Steven Chattin, Mitchell Belcher and Jay Timpani of CBRE’s Pacific Northwest Multifamily team represented the seller, Stella Apartments, LLC, in the transaction. The buyer was Hill Vista LLC.
“Stella provides an excellent opportunity to capitalize on the economic growth that Seattle continues to offer, especially in the First Hill neighborhood of Seattle,” said Chattin. “The recent building renovations, along with immediate proximity to major employers, transit, education, dining and entertainment, have established Stella as one of the most iconic buildings in the neighborhood.”
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