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.