Seattle, April 11, 2019 – Dylan Simon and Jerrid Anderson of Colliers International’s Seattle Multifamily Team today closed the sale of The Hudson Apartments in Seattle’s Queen Anne neighborhood. The sales price of the building was $38,750,000 — representing a 4.3% capitalization rate. Colliers represented the seller, Timberlane Partners, in the transaction. The buyer was a private family with several local real estate holdings.
The Hudson is a 127-unit apartment building overlooking Lake Union, with scenic views of Gas Works Park and Downtown Seattle. Proximity to South Lake Union, Westlake, and Fremont provides residents unmatched access to Seattle’s tech employment hubs, as well as the best lifestyle amenities Seattle has to offer.
Built in 1987, The Hudson underwent extensive renovations from 2014 through 2016. The comprehensive modernization of the building included unit finishes and upgraded amenities including a fully equipped gym, large deck with community BBQ, and bike maintenance and storage area.
“The sale of The Hudson demonstrates the value of a well-executed, value-add capital improvement program, enlivening an older asset to compete with Seattle’s most modern buildings,” commented Simon on the transaction.
“The Hudson is a unique asset, offering unobstructable views and an ideal location equidistant from Seattle’s greatest employment hubs. It will provide the new owner a highly-competitive building for decades to come.”
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About Colliers International Group
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn
Colliers’ Seattle Multifamily Team is based in downtown Seattle and comprises seven highly-qualified real estate professionals specializing in brokerage of apartment investments and developments in the Seattle and Puget Sound region. The team focuses on representing buyers and sellers of apartment buildings and development sites from 5 units to 500 units.
For further information, please contact:
Dylan Simon, Executive Vice President