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2/20/25
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Metro on First, a 106-unit apartment community in Seattle’s highly sought-after Queen Anne neighborhood, has sold for $42.6 mil, or $402k per unit. The property is located at 215 First Avenue W, just a couple of blocks in from Elliott Bay.
The property spans 72.2k sf and features a mix of studio, one-bedroom and two-bedroom units. Originally built in 2001, Metro on First has undergone substantial interior renovations in recent years, positioning it as a light value-add opportunity for the new owner. Its premier Queen Anne location offers immediate access to downtown Seattle, South Lake Union, and a host of lifestyle amenities — making it a prime asset in the city’s evolving multifamily market.
Dylan Simon, Jerrid Anderson, and JD Fuller of Kidder Mathews’ Simon | Anderson Multifamily Team represented the seller — a large, institutional owner — and directly sourced the buyer.
“Metro on First offers a rare combination of location, scale, and potential in one of Seattle’s most desirable neighborhoods,” said Simon. “Investor appetite remains strong for well-positioned assets like this, even in today’s evolving market landscape.”
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