A 47-unit apartment building on the corner of Belmont and Harrison in Seattle's Capitol Hill neighborhood has changed hands for $20.4 million, or roughly $434,000 per unit. The buyer is Josef Stanzl, described as a longtime Seattle-area multifamily investor, who acquired the property known as Stream 403 at 403 Belmont Ave. E.
Off-Market Deal Closes at Trophy Asset
Colliers announced the $20.4 million off-market sale of Stream 403, calling it a 47-unit trophy multifamily asset, according to Connect CRE. The transaction was facilitated by Colliers Senior Vice President Sam Wayne along with associates Dylan Luxenberg and Reed Gustavsen. Wayne said the transaction was a win for all parties involved, per the same report.
The per-unit price lines up with figures reported by The Registry, which put the sale at $20.4 million for the 47-unit property at 403 Belmont Ave. E, or about $434,000 per unit. Per Puget Sound Business Journal, Josef Stanzl acquired Stream 403, a detail Connect CRE's report also notes. The building sits on a 0.17-acre site and spans 38,408 square feet, built as a boutique residence at the corner of Belmont and Harrison.
From Listing to Sale
Stream 403 had previously hit the market through Berkadia, with the listing touting an assumable debt option for a prospective buyer, according to an earlier Registry report describing it as a sustainably built, luxury apartment building. Sources differ on the building's height: Connect CRE describes it as a seven-story building, while the earlier Registry listing called it an eight-story property. The developer's identity is similarly disputed — Connect CRE's report attributes the 2017 development to Stream Real Estate, while a listing from naiop-wa.secure-platform.com names OtherStream Real Estate as the developer and owner.
Capitol Hill Submarket Stays Tight
The Capitol Hill/Central District submarket, which includes more than 39,000 apartment units, maintained a 94.4% occupancy rate, per Connect CRE's report. That tracks with broader citywide trends: Seattle's multifamily vacancy rate was 6.6% in Q3 2026, down from 6.8% the prior quarter and 7.0% a year earlier, according to Kidder Mathews. Average asking rent across the city climbed to $2,041 per unit per month in the same quarter, up 1.1% year over year.
Construction and leasing activity have also stayed brisk. The Seattle market recorded net absorption of 2,829 units in Q3 2026, bringing the year-to-date total to 9,320 units, while construction deliveries hit 1,849 units in the quarter and 6,906 units so far this year, Kidder Mathews reports. There were 19,059 multifamily units still under construction in the metro as of Q3 2026, down 6.9% from a year earlier.
How Stream 403 Stacks Up
The average Seattle multifamily sales price reached $311,103 in Q3 2026, up 21.8% from the same period in 2025, while the average cap rate dipped to 5.4%, according to the Kidder Mathews report. Stream 403's roughly $434,000-per-unit price tag outpaces those figures but still trails some of the quarter's biggest deals. The largest Seattle multifamily sale in Q3 2026 was Griffis North Creek, a 524-unit property in the Thrasher's Corner-Red Hawk submarket that sold for $195 million, or $372,137 per unit, with GID Investment Advisors, LLC buying from Griffis Residential. Island Square posted the highest price per unit among the quarter's significant sales at $668,085, per the same source.
Nationally, the investment climate has held relatively steady. U.S. multifamily sales totaled $41.1 billion in the first half of 2026, down just 0.3% from the same period a year earlier, according to Multi-Housing News. Seattle's own stabilized multifamily occupancy averaged 94.8% as of April 2026, a 60-basis-point dip year over year, while developers added 1,932 units in the metro during the first five months of the year — about 0.6% of existing stock — according to Yardi Matrix.
