HFF has closed the sale of Premiere on Pine, a 386-unit, 40-story ultra-luxury apartment tower in Seattle’s Pike-Pine retail corridor. Chicago-based Heitman bought the property for $240 million, or a unit price of $622,000 per apartment, which is a new Seattle record.
HFF marketed the asset on behalf of the Holland Partner Group and its finance partner.
Premiere on Pine is situated at the intersection of Pine Street and 8th Avenue within two blocks of Interstate 5 and Westlake Station, the Puget Sound’s most heavily-traveled transportation hub.
Completed in 2014, the LEED Silver-certified tower has studio, one-, two- and three-bedroom condominium-quality units averaging 797 square feet each. The property also encompasses 3,385 square feet of ground floor retail and has amenities such as a fitness center, dog run, theatre room, club room, conference room, two event spaces and a 3,000-square-foot balcony that wraps around the south and west side of the building providing panoramic views of the surrounding area.
The HFF team representing the developer was led by executive managing director Matthew Lawton, managing director Ira Virden and senior managing director Gerry Rohm.
Photo: Holland Partner Group