SEATTLE, WA - Mill Creek Residential Trust LLC, a national apartment developer, investor, owner and operator, and AEW Capital Management, L.P. (AEW), one of the world's leading real estate investment advisors, announced that through a joint venture together they have acquired Archstone Belltown, a 360-unit, 18-story high-rise situated in Seattle's Belltown neighborhood. The seller was Equity Residential (NYSE: EQR). The community's name has changed to Skye at Belltown. AEW acquired the property on behalf of one of its institutional clients.
"We are pleased to mark our entry into the Seattle market with the acquisition of this iconic high-rise apartment tower," said Mark Dempsey , executive managing director, Acquisitions. "Skye at Belltown ideally reflects Mill Creek's 'buy where we build' strategy, where we were able to acquire a high-quality community with redevelopment potential in an irreplaceable downtown Seattle location. We are well-positioned to build a meaningful presence in the greater Seattle metropolitan area in the coming years through acquisition and development. Sean Hyatt , Mill Creek's local development partner, has multiple sites under review for development in the Seattle area. Sean was instrumental in working with our team to add value as we went through the acquisition process."
Over the last eighteen months, Mill Creek has acquired 1,700 apartment units across the country. West Coast markets of interest include Seattle, Portland, the Bay Area, and Southern California.
Skye at Belltown is ideally situated near Seattle's Central Business District and retail core, and is within walking distance to more than 250,000 jobs, including Amazon's corporate world headquarters in South Lake Union, which is just three blocks from the property.
The building is comprised of studio, one- and two-bedroom apartments. Mill Creek plans to update the unit interiors, enhance the existing amenities and add to the amenities available to their residents.
"We plan to bring a vibrant new look and feel to Skye at Belltown, similar to what we design into our newly developed communities," said Alexander Gill , managing director of Acquisitions for Mill Creek's West Region. "Moreover, we will activate the lobby and reenergize our large rooftop garden. A great space next to our lobby will be transformed into a state-of-the-art clubroom, a membership-grade fitness center and a bike storage and maintenance room."