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.