Colliers Facilitates $20M Sale of Multifamily Property in Seattle
Colliers announced the $20.4 million off-market sale of Stream 403, a 47-unit trophy asset located at 403 Belmont Ave. E. in Seattle’s Capitol Hill neighborhood.
Colliers Senior Vice President Sam Wayne and Associates Dylan Luxenberg and Reed Gustavsen facilitated the transaction. Stream 403 is a 47-apartment boutique residence on the corner of Belmont and Harrison.
Longtime Seattle-area multifamily investor Josef Stanzl acquired the seven-story building that sits on a 0.17-acre site and spans 38,408 square feet, reported the Puget Sound Business Journal. “Congratulations to the buyer and Stream Real Estate Partners,” said Wayne. “This is a win for all parties involved.” Stream Real Estate developed the building in 2017.
According to Colliers research, the Capitol Hill/Central District submarket maintained a 94.4% occupancy rate across more than 39,000 apartment units. The neighborhood’s walkability, transit connectivity and proximity to employment centers further strengthen its position within Seattle’s multifamily market.
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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