Giant apartment developer adds fourth Capitol Hill building in $36.1M deal

MediaHandler

Above, the new Three20 building -- below, the old Marion Apartments (Images: King County, CHS)

Above, the new Three20 building — below, the old Marion Apartments (Images: King County, CHS)

The largest publicly traded owner of apartment buildings in the country has bought another chunk of Capitol Hill — but this project is already set for new tenants.

Equity Residential has paid $36.1 million for the new 130+ unit Three20 apartment building opening on E Pine where the old Marion Apartments once stood. The Puget Sound Business Journal was first to report the transaction on Monday.

In April, Equity paid $10.3 million for the E Madison property Piecora’s called home for decades. Its interests previously acquired The Heights apartment building at Broadway and E Olive Way for $26.5 million in 2006 and 12th Ave’s Rianna Apartments in 2010 for $17.1 million. The Three20 building had already been included in Equity’s Capitol Hill marketing material prior to the media reports on the acquisition. Equity, based in Chicago, describes the neighborhood thusly

Equity Residential offers pet friendly Capitol Hill apartments in Washington which are less then 5 minutes from Downtown Seattle. You are also blocks away from the 545 express bus stop. Capitol Hill is great for singles with sparkling nightlife options for any lifestyle. Residents of our Capitol Hill apartments know that The Seattle Academy of Arts and Sciences, St. Joseph School and Seattle University support Capitol Hill’s thriving academic culture. Don’t forget this is the home of Starbucks as well as some of the best local coffee in the nation.

In March, CHS reported that the building would also soon be home to a new Cherry Street Coffee shop.

A one-bedroom apartment in the Three20 building runs $1,940 per month, according to Equity’s site.

6 thoughts on “Giant apartment developer adds fourth Capitol Hill building in $36.1M deal

  1. Yikes, the photo of the new 320 building brings to mind the line from Star Trek: “Resistance is futile. You will be assimilated.” It doesn’t look so severe from the street, but from the distance, it sure is cube-like.

  2. I’m mortified that I’m about to say “why can’t we be more like Salt Lake?” But I’m about to say it–I just came across a condo posting from a friend living in Utah. It’s a new urban apartment building that seems to pay homage to timeless brick and historic elements, but with a modern twist. Can we have something like this on Capitol Hill pls?

    http://saltlakemagazine.com/blog/2014/05/19/is-urban-living-for-you/ (the picture is what I’m talking about)

  3. I can’t see this block and not think about the poor man that committed suicide inside the old Marion Apt complex. If I recall correctly, he was being forced out (along with all of the other tenants) because the building was scheduled for demolition. He was a bit of a recluse and didn’t evacuate by the city deadline. Instead, he set his unit on fire while still inside. Then the building sat there, charred for TWO ENTIRE YEARS before this new building was finally erected. Sorry for the Debbie Downer moment. Just weird that the process of getting permits and building proposals approved takes so long that the man could have effectively lived another two years before they finally knocked the building down.

  4. The Marion had large, well laid out apartments with real balconies, all tended by a spicy old gal who had spent years as a waitress at the old Von’s (I think she might have been the wife of the old gentleman who died in the fire) It was also very affordable and had covered parking. I be the apartments in the new place aren’t anywhere near as large.

    • I could be remembering wrong, but I believe it was reported that yes, he had lost his wife earlier, and was in poor health himself. It wasn’t only having to move that pushed him to commit suicide, but I’m sure it didn’t help.

Add Comment Register

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>