Roundhouse has picked up a 17-story apartment tower in Downtown Seattle for $76.3 million, nearly $20 million less than what it traded for five years ago.
The Idaho-based investor led by Casey Lynch bought the Sentral First Hill, a 209-unit highrise at 1001 Minor Avenue, in First Hill, the Puget Sound Business Journal reported. The seller was an affiliate of Iconiq Capital, based in San Francisco.
The deal works out to about $365,000 per unit.
The Iconiq affiliate, IRP, bought the apartment tower in 2019 for about $96 million, or $459,330 per unit.
The Sentral First Hill, built in 2019, includes 209 luxury apartments with a fitness center, coworking areas and rooftop dining with sweeping views within walking distance of Seattle University, Capitol Hill and Pike Place Market.
The apartments sit above 5,500 square feet of shops and restaurants. Rents range from $2,117 for a studio to $3,731 for a two-bedroom apartment, according to Trulia and Realtor.com.
Roundhouse sees its investment in Sentral First Hill as a long-term hold, and it will continue to be managed by Sentral, Roundhouse Vice President Garrett Greene told the Business Journal.
Around 10 percent of the First Hill units are leased for 30-day terms, said Greene, who previously worked in Seattle at Unico Properties.
King County values the property at just over $78.5 million, down from $96.75 million in 2022,
This is the second discounted Seattle property that the Iconiq affiliate traded recently.
This month, IRP sold a seven-story, two-building complex with 275 apartments at 1212 Harrison Street for $92 million, or $22 million less than what it traded for five years ago.
The buyer, San Francisco-based Carmel Properties, paid $334,545 per unit, 19 percent less than its last traded price.
Boise-based Roundhouse, founded in 2008,, has developed and acquired a multifamily portfolio of more than 7,400 apartments in Idaho, Washington, Montana, California, Utah and Colorado , according to its website.
— Dana Bartholomew
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