19th & Mercer
50-unit apartment/retail development
Meriwether acquired the 19th & Mercer development site in August 2012 with construction beginning immediately thereafter. The 18,900 square foot site is located at the intersection of 19th Avenue East and East Mercer Street in the Capitol Hill neighborhood of Seattle. The 4-story development project included 50 market-rate apartment units above 6,000 square feet of commercial space and 47 parking stalls. Meriwether delivered the project to the market in November 2013 and acheived stabilized occupancy in February 2014. Meriwether sold 19th & Mercer in December 2015 to a private investor in an off-the-market transaction for $25.2 million, generating an IRR of 34% and a 2.4 equity multiple over the 40-month hold period.