Griffis Residential acquires The Post, a 208-unit high-rise apartment building on Seattle’s waterfront. The seller was UBS Realty Investors, which became the owner of The Post in 2017, when the previous owner ruled out the loan, according to data from Yardi Matrix. CBRE represented UBS Realty Investors on the sale.
Completed in 2013, the multi-family asset stands at 16 stories and comprises 208 units with studio, one and two bedroom floor plans averaging 701 square feet. The list of common area amenities includes a rooftop terrace, theater room, fitness center and yoga room, conference room, demonstration kitchen, dog lounge, and game room.
Located at 888 Western Avenue in downtown Seattle, The Post is 150 yards from the bay and a few blocks from the Link Light Rail, Seattle Streetcar, Amtrak Cascades, King Street Station and the Seattle ferry terminal.
The property also offers easy access to Seattle attractions, as well as walking access to Puget Sound’s major employers and views of Elliott Bay and the Olympic Mountains, as mentioned by Jon Hallgrimson, vice president of CBRE, in a prepared statement.
Vice Presidents Jon Hallgrimson and Eli Hanacek, alongside Executive Vice President Mark Washington and Vice President Kyle Yamamoto of CBRE negotiated the transaction on behalf of the seller.
With the exit from the crisis in the Seattle multi-family market, rental demand is increasing, as are investment sales. Just last week, Virtu Investment paid $ 109 million for a 154-unit Bellevue property.