May 17, 2018
The Cove, a newly-completed 60-unit apartment property at 601 E. Pike St. in Seattle’s Capitol Hill neighborhood, has traded hands. The $32.16 million sale represents the highest per-square-foot price for a residential community in the city to date at $921 per-square-foot.
JLL’s David Young, Corey Marx, Matt Kemper and Don Flanigan arranged the sale on behalf of the developer and seller, Seattle-based Vibrant Cities. The buyer was undisclosed.
Young says, “This sale represented a rare opportunity to acquire one of the newest communities in the very desirable Capitol Hill neighborhood. While it achieved a high-water mark for pricing primarily because of the community’s location, amenities and quality of construction, it has also proved very popular with renters.”
Built to LEED Platinum design standards, The Cove includes a 3,000-square-foot vegetated roof and solar array panels powering common areas. There are 18 parking spaces, bike storage, as well as nearly 3,000 square feet of retail space.
For comments, questions or concerns, please contact Dennis Kaiser