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21-Unit Capitol Hill Apartment Building Sells for $8 Million

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Historic Building in Marquee Location Offers Buyer Significant Investment Upside

The Hacienda Apartments located at 1029 Summit Ave E in Seattle sold for the first time in 51 years this week. A local investor bought the charming 1925 Capitol Hill property from a Canada-based family for $8,000,000. Colliers International’s Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper represented both parties in the transaction.

“True trophy assets like Hacienda Apartments are hard to come by in the heart of Seattle, but this one-of-a-kind property actually has no comparable in the entire city,” said Tim McKay. “The property is in an excellent location and has surplus land available for expansion. It’s no wonder it had been off the market for 50 years.  I anticipate that the new owners will hold onto this property for years to come”

Hacienda Apartments is located in the Mansion District of Seattle’s Capitol Hill neighborhood, known for its eclectic combination of arts and music venues, restaurants and high-end retailers. Situated on the corner of Belmont Ave E and Lakeview Blvd E, the property offers views of Lake Union from most of its 21 units and features charming Spanish-style architecture throughout. Hacienda tenants enjoy close proximity to major employers in South Lake Union and Downtown Seattle, as well as a walkable neighborhood with excellent access to public transportation.

 

 About Colliers International

Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn. Information about our Seattle metro area operations is available at colliers.com/Seattle.

 

 AboutMcKay, Chhan, Wayne

We have a reputation for going above and beyond for our clients, providing efficient, professional services with an intensity of execution not available anywhere else. We have a solution-driven mindset that is obvious in our analysis, brokerage and marketing efforts. Our capital markets expertise leverages market intelligence, financial acumen and solid partnerships to structure the best deal possible for our clients. We provide full-service solutions to multifamily owners, investors, and developers, including; acquisitions and dispositions, valuation and financial analysis, property management, debt and equity, rehabilitation and repositioning, development feasibility study.For the latest news from McKay, Chhan, Wayne, visit www.SeattleApartmentTeam.com or follow us on Twitter - @McKayChhanWayne


For further information, please contact:

Rachel Person
Marketing Manager
503. 499.0052
rachel.person@colliers.com