September 23, 2019 – Trinity Real Estate (TRE), in partnership with a Pacific Northwest-based family office, is pleased to announce the recent acquisition of the Montage Apartments located in the Pike/Pine Corridor of the Capitol Hill neighborhood. The acquisition was part of a successful 1031 Tax Deferred Exchange following the sale of a repositioned industrial asset.
The 23-unit six story apartment complex was constructed in 2007 as a for-sale condominium. When the sales market softened in 2008, the property was leased up as rental apartments. The property includes a large underground structured parking garage with a large balcony for each unit. Trinity plans to add a new roof-top deck where residents can enjoy views of the city and surrounding neighborhood. Since Montage was built as condos, the interior finishes are luxurious with large light-filled layouts, quartz counter tops, stainless steel appliances including gas ranges, walk-in closets and large patio/balconies.
The Montage complex is located within the thriving Pike/Pine Corridor where residents can enjoy an incredible amenity base including restaurants, parks, retail, and transportation options within short walking distance. The property is also within several blocks of Seattle’s business core.
“Our acquisition of the Montage Apartments achieves our client’s objective to have a premier multifamily asset in an established and accessible downtown neighborhood,” commented Trinity partner, Lex Wieneke.
TRINITY REAL ESTATE
Trinity Real Estate provides comprehensive, personalized real estate services and investment strategy to West Coast family offices and institutional investors. TRE’s hands-on, high touch, and full-service approach has led to the management, development, and repositioning of more than $3 billion in assets since its founding in 2001. These assets span all sectors of the real estate market including office, industrial, multifamily, hospitality and mixed-use. TRE’s objective is to create, enhance, and preserve real estate assets that produce strong long-term returns for its clients.
TRINITY REAL ESTATE
Lex Wieneke | Partner