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TIAA-CREF Pays $165M For Aspira Apts

JV Sells 325 Unit High Rise in Seattle
November 13, 2012
TIAA-CREF acquired the Aspira Apartments at 1823 Terry Ave. in Seattle, WA for $165.67 million, or about $$510,000 per unit, from Urban Partners LLC, O'Connor Capital Partners and Real Estate Capital Partners.

Delivered in November 2009, the 37-story multifamily hi-rise is located in the heart of Seattle’s CBD and features many amenities, including 6,500 square feet of retail space, units with fully-equipped stainless steel appliances, washers and dryers, and a community media/fitness center. The 292,933-square-foot building offers a mix of studios, one-, one+den, and two-bedroom units. At the time of sale, it was 95 percent leased.

In 2010, the Aspira was awarded a Four-Star Built Green certification. It was the first, and only, hi-rise residential building in Seattle to receive such recognition.

Pete Shelton and Kim Grant with C&W Commerce and Marc Renard with Cushman & Wakefield, Inc. represented the seller.

Please see CoStar COMPS #2589824 for additional information on this transaction.

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