Just Sold: Metro on First in Seattle, WA

Announcing the sale of Metro on First, a 106-unit apartment community in Seattle’s highly sought-after Queen Anne neighborhood, for $42,600,000. Dylan Simon , Jerrid Anderson , and JD Fuller of the Simon | Anderson Multifamily Team Kidder Mathews represented the seller — a large, institutional owner — and directly sourced the buyer.

?? Sale Highlights:

• 31 property tours generated strong interest
• 14 competitive offers received
• Closed in just 35 days from PSA execution

This sale marks a significant transaction in one of Seattle's most sought-after areas, known for its historical charm and proximity to the city's top attractions.

?? Site Details

Located at 215 First Ave W in Seattle’s Queen Anne neighborhood, Metro on First is a 106-unit apartment community spanning 72,194 square feet, with an average unit size of 681 SF and 1,900 SF of commercial space. Built in 2001, the property features a diverse unit mix, including 34 studios, 5 studio lofts, 28 one-bedroom units, 9 one-bedroom lofts, 20 two-bedroom units, 8 two-bedroom + den units, and 2 two-bedroom lofts. Its prime location and versatile layout make it a standout asset in one of Seattle’s most desirable neighborhoods.

?? About Queen Anne Queen Anne is one of Seattle’s most coveted neighborhoods, blending historic charm with modern urban living. Just minutes from downtown, it offers unparalleled access to premier amenities, entertainment, and major employers. Iconic landmarks like the Seattle Center, Climate Pledge Arena, and Kerry Park make it a vibrant cultural and entertainment hub, attracting both locals and visitors alike.

?? Impact of the Climate Pledge Arena Renovation The $1.2 billion renovation of the Climate Pledge Arena has transformed the area into a state-of-the-art venue for sports, concerts, and large-scale events. This investment has revitalized the neighborhood, driving increased foot traffic, economic growth, and opportunities for local businesses. Metro on First’s prime location allows residents to enjoy the benefits of this enhanced community firsthand.

?? A Light Value-Add Opportunity Originally built in 2001, Metro on First has undergone substantial interior renovations in recent years, positioning it as a light value-add opportunity for the new owner. Its premier Queen Anne location offers immediate access to downtown Seattle, South Lake Union, and a host of lifestyle amenities — making it a prime asset in the city’s evolving multifamily market.

?? What Makes This Sale Significant? “Metro on First offers a rare combination of location, scale, and potential in one of Seattle’s most desirable neighborhoods,” said Dylan Simon. “Investor appetite remains strong for well-positioned assets like this, even in today’s evolving market landscape.”

This transaction highlights the continued strength of Seattle’s multifamily market and the enduring appeal of well-located assets in thriving urban centers.

?? Seattle’s Multifamily Market Outlook Seattle’s multifamily market continues to show resilience, with properties in areas like Queen Anne attracting strong investor interest. As the city grows, investments in premier properties like Metro on First offer long-term value and stability.

If you're interested in learning more about Seattle’s multifamily market or exploring other investment opportunities, reach out to us. The market is brimming with potential, and we're here to help you find the perfect fit for your portfolio.

Contact:

• Dylan Simon | 206.414.8575
• Jerrid Anderson | 206.499.8191
• JD Fuller | 206.665.3272

If you want to enter the next real estate cycle a big winner, you can READ ON

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