The Exeter Apartments at 720 Seneca Street in Seattle's First Hill neighborhood has a new owner, with the 10-story, 1927-era building trading this week for a reported $25 million. The roughly 115-unit property sits a block from major hospitals and downtown employers, and the deal is the latest signal that out-of-state buyers are still active in the Puget Sound multifamily market.
Who Paid What For Exeter
According to the Puget Sound Business Journal, the buyer is Trinity Property Consultants, an Irvine-based investment firm that paid $25 million for the Exeter at 720 Seneca. The outlet reports this is the company's second property acquisition in Seattle's First Hill neighborhood.
A Brief History Of The Exeter
The Exeter, also listed as Exeter House, opened in 1927 and is documented in King County records, according to the Pacific Coast Architecture Database. PCAD details the building's architectural history, while commercial listings on LoopNet put the property at roughly 163,000 square feet with about 115 units following a 2016 conversion and renovation.
How This Sale Fits Into The Market
The Exeter transaction lands in the middle of a run of high-dollar multifamily deals around the region that point to continued investor appetite for Seattle rentals. KIRO 7 covered a $295 million downtown apartment sale this year, and FPA Multifamily documents past partnerships between Trinity and FPA that show California investment groups have been active in the Puget Sound market for years. FPA Multifamily's news pages list affiliate activity and prior regional deals.
What Residents Need To Know
Puget Sound Business Journal's coverage did not report any immediate redevelopment plans or management changes tied to the sale. Until any changes are announced, tenant protections and notice requirements continue to be governed by Seattle rules and renter resources outlined by Renting in Seattle.
