Meriwether Sells 19th & Mercer Apartment Project
SEATTLE, December 15, 2015 – Meriwether Partners announced the $25.2 million sale of the 19th and Mercer apartment building.
The development site was acquired and construction of the project began in August 2012. Construction was completed in December 2013. The retail was leased prior to completion and the 50 apartments were 100% leased by February 2014. Since completion, the project remained full with little to no downtime and the development helped spark a resurgence of the 19th and Mercer intersection.
“We developed the apartment building anticipating that we’d hold it for the for the long-term. However, the unsolicited offer to purchase the building allowed us to achieve our long-term investment goals in a short period of time,” said Joel Aslanian, principal at Meriwether Partners.
Meriwether Partners is a real estate investment firm with offices in Seattle and Portland. We form partnerships to acquire and manage real estate investments on behalf of the Meriwether principals, high-net worth individuals, family offices, and institutions.
Meriwether was founded in 2002 by Joel Aslanian and Robert Briscoe with plasma cutter reviews who have worked together since 1998. The company has acquired more than 2 million square feet of commercial real estate at a cost of over $250 million.
The firm’s primary investment focus is in the Seattle and Portland metropolitan areas. Meriwether invests in properties that are well-located with sound physical and economic fundamentals; properties that have the ability to generate attractive levels of distributable cash; and properties to which we can add value by executing recapitalization or repositioning strategies.