October 30, 2018, Seattle, WA – Dylan Simon and Jerrid Anderson of Colliers International’s Seattle Multifamily Team closed the sale of The John Winthrop Apartments in Seattle’s First Hill neighborhood on Monday, October 29, 2018. The sales price of the apartment building was $18,220,000, equating to $230,633 per unit and approximately $425 per net rentable square foot.
Built in 1925, The John Winthrop is steeped in New England history and offers red brick and terra-cotta details that comprise quintessential-Seattle architectural character. The 79-unit property is conveniently located at the nexus of Seattle’s high-demand neighborhoods and key job centers: Downtown First Hill, South Lake Union, and Capitol Hill.
The John Winthrop Apartments was previously owned and operated by Bellwether Housing, Seattle’s largest non-profit affordable housing provider. Bellwether will utilize sale proceeds to support a campaign to create 1,000 affordable apartments in the next 5 years.
“This sale has been an invaluable opportunity for our team to support the work of Bellwether Housing, culminating in our participation as Keynote Sponsor of their annual Closer to Home Benefit Breakfast,” noted Simon, an event that raised $350,000 for Bellwether Housing.
Simon stated that “The success of this sale for Bellwether provides a further testament to the state of the Seattle apartment market. Seattle’s nation leading job growth and high desirability among young professionals continue to offer numerous apartment investment opportunities for savvy investors.”
Dylan Simon, Executive Vice President, and Jerrid Anderson, Vice President, of Colliers International’s Seattle office represented the seller, Bellwether Housing. The buyer was not represented by a broker.