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Equity Residential pays $54M for Seattle apartment building

Equity Residential paid $53.7 million for the 117-unit Chloe apartment building at 1408 E. Union St. in Seattle, the Puget Sound Business Journal reported, citing public records.

The publication named a company led by Costco Wholesale Corp. co-founder Jim Sinegal and his wife, Janet, as the seller, adding that Seattle-based Barrientos, now known as Barrientos + Ryan, built Chloe in partnership with the Sinegals nine years prior.

With the purchase of the mixed-use building, which also features the Skillet Diner and Donna Moodie's Marjorie Restaurant, the multifamily-focused residential real estate investment trust's investment in the Capitol Hill neighborhood aggregates to about $160 million.

Equity engaged Colliers International's Seattle office to act as its representation in the transaction, the March 9 report noted.