45-Unit 80 Main on Seattle’s Waterfront Sells for $17.5MM

(EDITOR’S NOTE: According to public documents, the seller of the property is an entity affiliated with the Borracchini family.)

Opportunities to increase the value of apartment buildings with 45 units through the ongoing revitalization of the Seattle Waterfront and Pioneer Square districts

Seattle, Washington.– Aug 16, 2021 – McKay, Chhan, Wayne and Kemper von Colliers are pleased to announce the successful sale of 80 Main, a 45-unit apartment building in the historic Pioneer Square neighborhood of downtown Seattle. The Colliers team was led by Senior Vice President Tim McKay, Senior Vice President Dan Chhan, Senior Vice President Sam Wayne, Vice President Matt Kemper, and Michael McQuaid. The team represented the seller, a private investor, and brokered the buyer, Unico Investments, based in Seattle. The sale closed on August 16 for $ 17,555,000.

“Seattle multi-family investment sales are rebounding significantly in 2021, and the 80 Main sale is a perfect example of a competitive listing process that results in many competing bids from highly qualified bidders,” said McKay. “Attractive bridging finance allowed the buyer to implement a core plus strategy that should pay off in the years to come as rents continue to improve and Alaskan Way completes construction.”

80 Main, named after its address at 80 S. Main Street, was built in 2015, making it one of the newest buildings in the area. The luxury apartments are located in the heart of Pioneer Square, Seattle’s oldest neighborhood, with pedestrian and public transportation access to the upcoming Alaskan Way project along the Seattle Waterfront, Central Business District, International District and stadiums. The property has a near perfect walk score of 98 and a perfect transit score of 100 due to the property’s proximity to the Link Light Rail, First Hill Street Car, King Street Station, Washington State Ferries and over 10 bus routes. Shopping, dining and entertainment options surround 80 Main, as well as major employer offices in Pioneer Square and the central business district, making it the ideal area for living, working and playing.

The apartment units in 80 Main consist of studios with an average of 532 square meters, one-room units with an average of 587 square meters, two-bedroom units with an average of 845 square meters and a three-room live work loft with an average of 1,343 square meters. Each unit features premium finishes such as stainless steel appliances and hardware, full size washers and dryers, vinyl floors, tile backs, quartz countertops, ceiling fans, AC outlets, and floor-to-ceiling windows. Other on-site amenities include a communal area with a kitchen and TV area, and a rooftop terrace with views of Elliott Bay and the Olympic Mountains, BBQ stations, fire pits, comfortable furniture, and bistro lighting.

Significant improvements to pedestrian paths and public spaces also contribute to the attractiveness of 80 Main. An upcoming redesign of parts of King, Main and Washington Streets, Yesler Way and 2nd Avenue South will improve pedestrian traffic by reducing vehicle lanes and restricting some traffic directions. Along the Seattle Waterfront, the Washington Street Boat Landing Pergola and Habitat Beach relaunch between Coleman Dock and Pier 48 will restore public access while supporting the salmon corridor and marine habitat.

About colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With offices in 67 countries, our more than 15,000 enterprising professionals work together to provide expert advice to property users, owners and investors. For more than 25 years, our seasoned management with significant insider exposure has brought shareholders average annual investment returns of nearly 20%. With annualized sales of $ 3.0 billion ($ 3.3 billion including affiliates) and $ 40 billion in assets under management, we are maximizing real estate and accelerating the success of our clients and our employees.