SEATTLE, WA - Goodman Real Estate, Inc. and Capri Capital Partners, LLC announced the acquisition of Tower 801 located at 801 Pine Street in downtown Seattle for $50.1 million or $289,595/unit.
The 25-story multifamily project’s distinct round tower houses 173 apartments and two ground-floor retail spaces. Located at the corner of Eighth Avenue and Pine Street, Tower 801 is in downtown Seattle’s amenity rich retail district, one block from the Pine Street Transit Center and within close proximity to I-5.
Constructed in 1970 and renovated twice over the past 42 years, Tower 801 will soon undergo additional capital improvements including a new sports bar tenant lounge with vintage video games and Wi-Fi connectivity throughout. The new owners will also paint the residential tower and decks, add new signage to the property and make updates to individual units, including new washers and dryers, kitchen appliances and cabinetry.
“We are thrilled to be in Seattle creating high-quality housing options for the downtown area,” said Ken Lombard, Partner - Investments, at Capri Capital Partners. “We look forward to making real, tangible improvements to Tower 801, and contributing to the continued growth and revitalization of this community.”
“We are delighted to work in partnership with the Capri team on the Tower 801 acquisition,” said Don Fosseen, Chief Investment Officer with Goodman Real Estate. “There is so much potential in this burgeoning neighborhood, and we see this as a great opportunity to use our collective experience and skills to redevelop the property into vibrant new residences for the community.”
David Young, Corey Marx and Seth Heikkila from Jones Lang LaSalle’s Seattle office partnered with Mary Ann King from Moran and Company to represent the seller, Essex Tower 801 Apartments, L.P.
Property management firm Pinnacle, an American Management Services Company, currently provides on-site management.