John Winthrop Apartments Sell For $18.2M
Bellwether Housing recently sold its 79-unit John Winthrop Apartments in Seattle’s First Hill neighborhood for $18.2M, or $425/SF. The building was constructed in 1925 and features red brick and terra cotta details.
Bellwether will use the profits from the sale to create 1,000 affordable apartments over the next five years.
“The success of this sale for Bellwether provides a further testament to the state of the Seattle apartment market,” Colliers International Seattle Office Executive Vice President Dylan Simon said. “Seattle’s nation-leading job growth and high desirability among young professionals continue to offer numerous apartment investment opportunities for savvy investors.”
Bellwether has developed, owned and operated low-income housing since 1980. It has 2,200 units in 32 buildings throughout Seattle. It recently raised $350K in its Closer to Home Benefit Breakfast.
Simon and Colliers International Seattle Office Vice President Jerrid Anderson represented the seller.