Palo Alto, CA May 31, 2012 – Pacific Urban Residential (formerly Pacific Property Company) announced today that it has acquired The Copperfield apartments, located in Seattle Washington for $16,400,000. Originally built in 1991 as a 72-unit for sale condominium, the property was instead leased-up as apartments and continues to be a rental community. Dave Schumacher and David Mortensen of Colliers International represented both buyer and seller on the transaction.
The Copperfield is a five-story apartment community with two levels of subterranean parking. It is located at the convergence of the First Hill, Downtown, and Capital Hill neighborhoods in Seattle. The property is immediately adjacent to employment in the Downtown CBD and medical facilities on First Hill and one block from the amenity rich Pike/Pine corridor which is home to some of the city’s best dining and entertainment venues. Property amenities include a fitness center and two rooftop decks featuring panoramic views of the Seattle skyline.
Jesse Mack who negotiated the transaction on behalf of Pacific provided some details on the asset strategy, “The fixtures and finishes are over 20 years old and near the end of their useful life. Pacific plans a comprehensive refurbishment including all-new interiors, addition of a professional leasing office, and major enhancements to the fitness center, landscaping, and rooftop amenities. The result will be fully reconditioned ‘A’ quality community in a dynamite location.”
“We are delighted to add Copperfield to our 7,000 unit portfolio,” noted Pacific CEO Al Pace. “With the renovations we plan, it will compete well with new properties currently under development. This was a terrific opportunity to create a luxury community without taking on all of the cost and market risk of a development deal.”
Pacific Urban Residential is a Western region focused multifamily operator. Since inception in 1998, the firm has acquired 17,000 apartment homes at consideration of over $2.5 billion. The firm is headquartered in Palo Alto, CA and has additional offices in Seattle, Los Angeles and Irvine.