Sam Zell's Equity Residential, the country's largest apartment landlord, is the new owner of the Moda apartments in Seattle's Belltown.
Sam Zell’s Equity Residential, the country’s largest apartment landlord, is the new owner of the Moda apartments in Seattle’s Belltown.
Equity bought the 251-unit complex this month from its developer, HMI Real Estate of Mercer Island, for $49.5 million, according to public records.
Moda, on Third Avenue between Bell and Battery streets, was built as a condominium, but switched to rentals shortly before it opened in 2008 after the real-estate market tanked.
Moda is the second Seattle purchase this year for Equity, which owns or has an interest in about 30 apartment complexes in the area. In March it bought a six-story office building near the Alaskan Way Viaduct with plans to redevelop it someday.
- Win over USC puts UW’s coaching upgrade (Chris Petersen over Steve Sarkisian) on full display
- Lloyd McClendon will not return as Mariners' manager
- Expect traffic delays when Obama visits Seattle Friday afternoon
- Huskies upset USC 17-12 and beat Steve Sarkisian, their former coach
- Obama visits Seattle for fundraisers; traffic not as bad as expected