ASB Bags Two Capitol Hill Apartments
Can Millennials get enough of Capitol Hill? ASB Real Estate chief investment officer David Quigley (snapped with colleague Robert Bellinger and Robert's wife, Natalie Wilensky) tells us the neighborhood remains one of Seattle’s most attractive places to live—pedestrian-friendly and convenient to the employment centers in Downtown and South Lake Union. ASB recently acquired two apartment properties for a total of $90M within three blocks of each other to take advantage of the neighborhood's popularity.
The properties are the 108-unit REO Flats at 1525 14th Ave (pictured), which is 94% leased, and the 92-unit Sunset Electric at 1111 East Pine St, a LEED Platinum property that's 98% leased. The assets represent the DC-based company's first acquisitions in the Seattle market. David says the overall healthy economy was also a reason to gain a beachhead in the market.