Bellevue Real Estate Company Snaps Up Seattle Apartment Complex

August 8, 2026 - 04:23

A Bellevue-based real estate company has closed a deal to purchase the Monticello, a 107-unit apartment complex located in Seattle's First Hill neighborhood. The transaction adds a significant residential property to the buyer's growing portfolio in the Puget Sound region.

The Monticello, a mid-rise building known for its proximity to major medical centers and downtown amenities, has been a fixture in the area for decades. The sale price was not disclosed, but industry observers estimate the deal is worth tens of millions of dollars given the current market rates for multifamily assets in that corridor.

The new owner plans to maintain the property as a rental community, with no immediate changes to unit layouts or tenant leases. A spokesperson for the company said the acquisition aligns with their long-term strategy of investing in well-located, established buildings with stable occupancy. First Hill has seen steady demand for housing due to its walkability and access to employment hubs, including nearby hospitals and tech offices.

The sale comes at a time when Seattle's apartment market is showing signs of cooling after several years of rapid rent growth. Vacancy rates have ticked up slightly, but investors still view core neighborhoods like First Hill as relatively safe bets. The previous owner had held the Monticello for over a decade, during which time the building underwent several renovations to common areas and individual units.

No further details about the financing or future capital improvements were released. The deal is expected to close escrow within the next few weeks.