Seattle-based property management firm Gibraltar sold The Exeter, a 14-story building with 115 apartment homes and 17,648 s.f. of commercial and office space, to a private family office for $25M. Built in 1927 as a luxury hotel and converted to market-rate multifamily housing in 2016, The Exeter is has been preserved by multiple owners for decades.
Property: The Exeter, a multifamily property in Seattle
Price: $25M
Seller: Gibraltar
Buyer: FLT Exeter House LLC, a private family office
Located in Seattle’s First Hill neighborhood, the building features Tudor-inspired architecture, including a grand lobby with stained-glass accents, arched doorways and historic detailing and updated building systems, communal areas and unit interiors. Community amenities include Amazon package lockers, on-site laundry facilities and a bike storage room.
“While the property has benefited from consistent upkeep, it still offers meaningful value-add potential for future ownership,” said Giovanni Napoli, executive managing director at IPA.
The property is in downtown Seattle near major employment centers, including medical campuses, the financial district and South Lake Union. The location is minutes from Amazon, Google, Swedish Hospital’s First Hill Campus and Virginia Mason Medical Center. Museums, theaters, dining, shopping, recreation and Link light rail are within walking distance.
