Ed Hewson & Jon Breiner Acquire AVA Belltown Multifamily For $34M

The 100-unit AVA Belltown apartment building, now known as WES, was acquired by HB Management for $34 million in a deal that took place on 06/03/2024. The six-story complex located at 2800 Western Avenue in the trendy Belltown neighborhood of Seattle, WA was sold by AvalonBay Communities. With a price per unit of $340,000, the property was purchased 24% below its assessed value.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $34,000,000
• Units: 100
• Market: Seattle, WA
• Buyer: Ed Hewson & Jon Breiner - HB Management
• Seller: AvalonBay Communities

HB Management, represented by Ed Hewson and Jon Breiner, made the strategic acquisition of the WES building, seizing the opportunity amidst falling multifamily property values driven by high interest rates. The purchase of the AVA Belltown apartment building marks a significant investment in the Belltown neighborhood by HB Management.