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July 10, 2015

$614K per unit for Premiere on Pine

By JOURNAL STAFF

Photo courtesy Holland Partner Group [enlarge]

Holland Partner Group's 40-story Premiere on Pine sold for a record price, property records show.

The Chicago-based buyer is Heitman and it paid $240.1 million — or about $614,300 per unit — for the 386-unit complex at 815 Pine St., across from the Paramount Theater.

That's the highest sale price and second highest per unit price ever paid for a Seattle apartment building.

This is the first time a Seattle apartment complex has sold for more than $200 million, according to Dupre + Scott Apartment Advisors' database.

In 2013, Invesco Real Estate paid Schnitzer West $308 million — or $676,923 per unit — for The Bravern Signature Residences in Bellevue.

In Seattle, the per-unit record price is $619,744 for Rollin Street Flats in South Lake Union, according to Dupre + Scott.

Holland put the tower on the market earlier this year. The developer said it had not planned to sell the tower but there was a lot of interest from potential buyers.

Weber Thompson designed Premiere on Pine and Holland's construction division built it. Other team members are Susan Marinello, interior designer; Cary Kopczynski & Co., structural engineer; and Holland Residential, property manager.

This fall, Hawaiian chef D.K. Kodama will open a restaurant in Premiere on Pine.




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