October 9, 2014

Invesco pays $114M for Vulcan tower

Image courtesy of Vulcan Real Estate [enlarge]

Dallas-based Invesco Real Estate bought a 188-unit, 24-story apartment tower called The Martin from an entity related to Vulcan Real Estate for $114 million, property records show.

The price works out to $606,383 per unit, which is the highest price ever paid in for a Seattle apartment building and the second highest in the region. Last year, Invesco paid Schnitzer West $676,523 per unit for The Bravern Signature Residences in Bellevue.

The Martin is at 2105 Fifth Ave. and opened in 2013.

“The Martin is one of Seattle's premier luxury apartment communities, and there was tremendous interest from the institutional investment market,” Ada M. Healey, Vulcan's vice president of real estate said in a press release. “The record sale price is testament to its high quality and unique positioning.”

Callison designed the building and Exxel Pacific was the general contractor. Frank Bosl, Jon Hallgrimson and Eli Hanacek of CBRE handled the transaction.

Other team members include: Robin Chell Design, interior design; Brumbaugh and Associates, landscape architect; Cary Kopczynski & Co., structural engineer; and Coughlin Porter Lundeen, civil engineer.

The DJC reported earlier this year that Vulcan planned to sell all its South Lake Union apartments to fund new projects. The Martin was not part of that portfolio.

The portfolio totals 872 units and includes Alcyone Apartments, Borealis Apartments, Rollin Street Flats, Stack House and the residential portion of Alley24. The apartments are listed as a portfolio, and could sell to a single buyer or be split up among several buyers.

Bosl, Hallgrimson and Hanacek of CBRE are representing Vulcan in those sales.

Invesco has been responsible for some of the biggest apartment buys in the region recently. In May, Invesco bought Joseph Arnold Lofts, a 13-story, 131-unit building in Belltown. The Schuster Group got $68.2 million for the building, which breaks down to $511,194 per unit.

In November 2013, Invesco paid $41.2 million — or $337,705 per unit — for 206 Bell, an eight-story apartment building at Second and Bell.