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March 3, 2016

Equity Residential buys Packard Building

By JOURNAL STAFF

SEATTLE — An entity related to Equity Residential paid $25.8 million for the Packard Building at 1530 12th Ave. on Capitol Hill.

The seller is an entity related to Barrientos, which developed the apartment project in 2009, and investor Dan Ederer. The 61-unit complex sold for about $423,733 per unit.

The building includes the facade from a 1911 building that used to be an automobile showroom.

This is Equity Residential's second Capitol Hill apartment purchase in the last three months. In December it bought The Pearl on 15th and Madison for $33.5 million. In 2014, it purchased Three20, an apartment building at Pine and Bellevue, for $36.1 million, and the old Piecora's site at 14th and Madison for $10.3 million. On that site it is planning a six-story, 140-unit apartment project.




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