JLL Capital Markets announced that it has secured the sale and $22.948 million acquisition financing for Viva Apartments, a 105-unit institutional-quality apartment community in Seattle’s Capitol Hill neighborhood.
JLL worked on behalf of the seller, Transwestern Investment Group. JLL also represented the buyer, SI-Viva LLC, an affiliate of Sequel Investment Company and Evergreen Gavekal, in arranging an acquisition loan.
Viva Apartments, located at 1111 E Union Street in Seattle’s Capitol Hill district, offers residents premium access to downtown Seattle and South Lake Union within minutes. The property sits just two blocks from the Microsoft Connector stop and an 11-minute walk from Capitol Hill Light Rail Station, providing direct access to Seattle’s major tech employment centers.
Seattle continues to demonstrate strong fundamentals with projected employment growth ranking sixth nationally and GDP growth forecasted at 18.1% through 2029. Capitol Hill specifically attracts young, affluent and educated residents with its over 1.6 million square feet of retail establishments and reputation as one of Seattle’s premier dining and entertainment destinations.
The property includes 76 parking spaces across two underground levels and 7,450 square feet of ground-floor retail space that is 85.5% occupied. Community amenities include an expansive rooftop with views of Seattle and Puget Sound, indoor bike storage, a clubroom with fireplace and chef’s kitchen, controlled access parking garage and electric car charging stations.
The offering represented an opportunity to acquire an asset at an attractive discount to replacement costs, with construction costs having risen nearly 40% since 2020 in the Seattle MSA. Multi-housing deliveries are forecasted to decline significantly in coming years, creating a near-term supply constraint that supports rent growth potential.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors David Young and Corey Marx, Senior Directors Casey Zejdlik and Chris Ross and Directors Michael Lyford and Reed Curtis. JLL’s Debt Advisory team was spearheaded by Senior Directors Seth Heikkila and Kaden Eichmeier.
“Viva Apartment’s location in the heart of Capitol Hill positions it perfectly to benefit from Seattle’s continued growth as a technology hub,” said Young. “The property’s proximity to major employers, transit connectivity and Capitol Hill’s unmatched amenity base make it an exceptional investment opportunity.”
The transaction highlights continued investor interest in well-located Seattle multifamily assets as the region benefits from strong employment growth, favorable demographics and limited new supply coming to market.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
