SEATTLE, WA – The American Capital Group announced the acquisition of 700 Broadway and Vantage Park, two apartment buildings in the Seattle neighborhood of Capitol Hill, for a total of $ 68,350,000.
Both properties are centrally located in the city of Seattle and are within walking distance of several of the city's major work centers, amenities, and education and health facilities. ACG will implement a capital improvement program, renovate public areas and interiors, and improve the attractiveness of each community.
"ACG expects the demand for quality, well-located housing in urban markets to increase as residents continue to appreciate efficient commute times and proximity to work, entertainment and education," said BJ Kuula, president of ACG.
Seattle's urban core continues to offer a high concentration of job opportunities driven by the tech, healthcare, and higher education industries. 700 Broadway and Vantage Park are near downtown Seattle's largest employers, including Amazon, Google, Facebook, and Apple, as well as several hospitals and health centers that provide more than 24,000 jobs in the area.
"We see significant opportunities for value and operational growth in these communities and will use our market expertise to reposition these properties to provide an upscale living experience for both current and future residents," said John Lo, Acquisitions Manager at ACG.
700 Broadway is located on Capitol Hill's Broadway shopping corridor and is within walking distance of the CBD and South Lake Union, Seattle's major employment centers. The property, built in 2004, has 59 units with studio, one and two bedroom interiors. The property also includes 10,683 square feet of retail space on the ground floor which is 100% occupied at the time of purchase. Facilities include a fitness center, private courtyard, BBQ and picnic areas, and a 24-hour concierge.
Vantage Park, a community with 91 residential units, is located in the southern district of Capitol Hill, one of the city's most attractive submarkets. The property is close to several healthcare employers including Swedish, University of Washington Medicine, and The Policlinic. Vantage Park is also close to Seattle University and Seattle Central College, which together enroll 23,000 students. Built in 2001, the community offers world-class amenities including a rooftop terrace with city and water views, an outdoor courtyard, and a fitness center.
The communities are near major Seattle transportation links, including the light rail, tram, and bus routes. Each property is a short drive from I-5 and I-90, with connections to the surrounding Bellevue and Everett areas, which offer additional employment opportunities as many tech companies move to the area.
The acquisitions complement ACG's growing Washington portfolio. The company recently opened the 409-unit Uplund Apartments in Totem Lake and announced a new development project, Kinect @ Burien, due to be completed in 2023.