Trinity acquires premier multifamily property in Seattle’s thriving uptown neighborhood

June 24, 2024 – Trinity is excited to announce its recent acquisition of Uptown Queen Anne, a premier 60-unit multifamily property located at 315 First Ave W, Seattle, WA 98109. This acquisition marks the first under Trinity's newly launched Co-Investment Program, which pools capital from family office and high-net-worth investors to target mid-cap multifamily projects in the greater Puget Sound region.

Constructed in 2001, Uptown Queen Anne features a mix of studio, one-bedroom, one-bedroom + den, and two-bedroom apartments, alongside two small commercial suites. With a strategic location just two blocks from Climate Pledge Arena, the property is perfectly positioned in a prime area that offers residents access to major amenities and top employers like Amazon, Expedia, and Google. The to be built Uptown Station, expected by 2037, will further enhance the area’s connectivity.

The property was acquired below replacement cost at $487/SF and $337k/unit, representing a significant discount to peak market pricing. This strategy provides a strong risk adjusted return, with a solid foundation for value appreciation and superior cash flow.

Key Highlights of Uptown Queen Anne:

• Prime Location: Superior location in Lower Queen Anne with excellent access to amenities, employment hubs, and strong public transit options, making it a coveted spot for urban living.
• Strategic Value Enhancement: Potential to significantly increase rents to market without immediate renovations, alongside opportunities to reduce above-market controllable expenses.
• Superior Construction Quality: Built with a focus on long-term ownership, featuring high-quality construction with minimal deferred maintenance.
• Highly Leasable Units: Well-designed units catering to modern lifestyles, many featuring work from home spaces, large decks, and unobstructed views of Elliott Bay, Mt. Rainier, and the Space Needle.
• Enhanced Parking Revenue: Includes a three-level parking structure with 96 stalls, offering potential for increased revenue through strategic utilization, including Climate Pledge Arena event parking.

This acquisition not only reflects Trinity’s commitment to sourcing outstanding investment opportunities but also highlights the firm's adaptability in today’s market environment. While immediate renovations 

are not part of the current strategy, Trinity maintains flexibility in its loan structure to potentially capitalize on future renovation opportunities, enhancing the property’s value further.

About Trinity:

Trinity Real Estate is a distinguished real estate investment and advisory firm specializing headquartered in Kirkland, WA, but with a portfolio that spans the West Coast and beyond. With over 21 years of experience and a collective 120 years among our principals, Trinity excels in creating, enhancing, and preserving real estate value. We focus on delivering superior returns through strategic acquisitions, proactive management, and a disciplined approach to real estate wealth management.

Our services are tailored to manage real estate wealth for families and private clients, providing them with the confidence and peace of mind that comes from engaging a team of seasoned professionals. Our mission is to optimize the value and performance of our clients' real estate assets, ensuring they receive the highest level of service and strategic guidance.

Please contact us to learn more about specific investment opportunities.

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