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July 1, 2015

First Hill complex is sold for $93M

By JOURNAL STAFF

SEATTLE — A 351-unit apartment complex on First Hill sold for $92.9 million, property records show.

The buyer is an entity related to Sequoia Equities of Walnut Creek, California. The complex sold for about $264,596 per unit.

The complex is called One Thousand 8th Avenue Apartments, and it was built in 1949 and consists of two 14-story buildings, according to property records.

Sequoia representatives did not return a phone call requesting comment.

The seller is an entity related to Acacia Capital Corp. It bought the complex in 2011 for $60.9 million.

Acacia last year filed preliminary plans to add two more buildings with 256 units on the block. It is unclear if the new owner will move forward with those plans.




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