The demand for newly developed real estate assets in good Seattle locations remains strong. The sale of an apartment building on Seattle’s First Hill Illustrates the strength of the market. The recently completed property called Zig is located near hospitals and Seattle University offers an example of the premium that investors are willing to pay for a new high-quality income property.
The 117,000 sure foot structure houses 170 residential units and some retail space. As reported by Marc Stiles in the Puget Sound Business Journal, the price was 60% greater than the development cost. The building sold for $68.5 million—or $585 per square foot. A Loopnet listing of the commercial space contains additional property details.