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Developer ready to build two seven-story buildings on Broadway flips one in Pike/Pine for $69M

(Image: Modera Capitol Hill)

Residents of the 11th Ave Modera Capitol Hill Apartments were surprised to be informed last week that their brand-new building has already been sold.

Just as its development to replace the Broadway Bonney Watson funeral home has received the OK from the design review board, Mill Creek Residential is getting a big wad of cash in a deal to sell another of its Capitol Hill developments.

Canadian real estate investment trust RISE Properties has agreed to pay $69 million for the 135-unit project that looms above the Hothouse Spa and was the sixth new building planned for three blocks of 11th Ave in 2013 when we first reported on plans for the development. That’s $90.1 million Canadian for those of you reading in Vancouver.

Industry site The Registry reports that the purchase is part of a trend for Mill Creek:

“This [sale] isn’t representative of any big strategic change for Mill Creek, we are still active and dedicated to the Seattle market. This was an off-market transaction and the opportunity aligned well with our and our partner’s strategy,” said Sean Hyatt, senior managing director for Mill Creek Residential’s Pacific Northwest division based in Bellevue.

RISE Properties, meanwhile, now owns 12 apartment properties in the region, according to The Registry.

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