Conor Hansen Of SRM Development Acquires Multifamily Complex In Seattle For $84M

The Mill at First Hill, a 358-unit apartment complex located at 1000 8th Avenue in Seattle, WA, was sold for $84,000,000. The property was acquired by Conor Hansen of SRM Development from affiliates of Sequoia Equities. The deal was facilitated by brokers Anthony Palladino, Giovanni Napoli, Nicholas (Nick) Ruggiero, and Philip Assouad from Institutional Property Advisors, along with Ryan Harmon from Dream Town Realty.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $84,000,000
• Units: 358
• Price Per Unit: $234,637
• Buyer: Conor Hansen - SRM Development
• Seller: Affiliates of Sequoia Equities
• Brokers: Anthony Palladino, Giovanni Napoli, Nicholas (Nick) Ruggiero, Philip Assouad - Institutional Property Advisors & Ryan Harmon - Dream Town Realty

SRM Development plans to maintain the acquired 358-unit apartment complex as 100-percent affordable housing in Seattle's First Hill neighborhood. The funding for this purchase includes support from Amazon’s Housing Equity Fund and other financial sources, ensuring that rents will be set below market rates, prioritizing affordability for residents.