Heitman LLC, a Chicago-based real estate firm acquired another top tier apartment property for $144 million.
Seattle is proving to be a major player in the real estate business as Heitman LLC just announced the acquisition of a 27-story building in Belltown called Dimension. The sale reportedly cost the Chicago firm $144 million. According to The Business Journals, Heitman purchased the tower located at the southwest corner of Third Avenue and Cedar Street. The transaction followed the company's deal to buy the Premiere on Pine for a record setting $240 million. They also have a property in the vicinity that they bought in 2013.
In the same report by The Business Journals, Heitman spent $534.5 million in less than two years to acquire three properties in the Seattle area. This just shows that Heitman along with other real estate investors are open to shelling out big chunks of cash to acquire Seattle real estate which is clear sign that they are optimistic about the prospects of the region in terms of economic growth.
However, it is not only investment firms like Heitman who are interested in the growth of Seattle. The seller of Dimension, Wood Partners, is also banking heavily on the area. The developer is planning to build two more apartment buildings in downtown; one in Pike Place Market which would be 39-story-high and a 124-unit apartment building on Second Avenue where famous restaurants and bars are situated.
In a separate report by The Business Journals, Heitman's record $240 million purchase of the Premiere on Pine sets the price of each of the unit in the 40-story building at $622,000. The city's record price per-unit was set last year when the high-rise Martin was sold for $606,400 for every apartment unit. Overall, the highest selling price tag per-unit in the region was recorded at $676,923 in 2013 when the Bravern was purchased in downtown Bellevue.