Equity Residential Sells Apartments, MXU Property in Seattle for $121M
Equity Residential has sold a 289-unit apartment and mixed-use property in Seattle’s Ballard neighborhood for $121 million.
San Francisco-based Carmel Partners was the buyer of Urbana Apartments, an eight-story landmark property at 15th Avenue Northwest and Northwest Market Street, reported the Puget Sound Business Journal. Carmel Partners secured an $80.3 million loan through Fannie Mae for the acquisition.
An Institutional Property Advisors (IPA) team of Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino from IPA, a division of Marcus & Millichap, represented the seller and procured the buyer. The property has nearly 30,000 square feet of retail space, which is anchored by Planet Fitness. The property’s tenants also include Five Guys, Papa John’s Pizza and Verizon.
In 2024, Carmel Partners bought the colorful Chroma building, an apartment complex in Seattle’s South Lake Union area, for $92 million.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout