SEATTLE, December 15, 2015 – Meriwether Partners announced the $25.2 million sale of the 19th and Mercer apartment building.
Meriwether acquired the development site in August 2012 and immediately started construction. Meriwether delivered the project to the market in December 2013. The ground-floor retail leased prior to completion and 100% occupancy of the 50 apartments occurred in February 2014. Subsequently, 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.