A 359-unit mixed-use building next to the Othello light rail station in south Seattle has sold for $87.3 million, landing at roughly $243,293 per unit. The buyer is Eaton Vance, a Boston-based investment firm owned by Morgan Stanley, which acquired the Assembly118 Apartments at 4200 S. Othello St. from Vancouver, British Columbia-based developer Woodbridge Northwest.
The sale was reported by the Seattle Daily Journal of Commerce, which cited King County records showing the transaction closed last week, according to Seattle Daily Journal of Commerce. The Real Deal, which broke down the deal's regional context, reported that JLL's Corey Marx, David Young and Chris Ross represented Woodbridge Northwest in the sale, according to The Real Deal. That per-unit price comes in below the regional third-quarter average of $311,103 per unit, a gap attributed to Kidder Mathews data in the same report.
A Site With a Long History Before the Towers Went Up
Woodbridge Northwest originally acquired the Assembly118 site back in 2013 for $4.8 million, per The Real Deal's account of the deal's history. The property previously housed a building known as the Citadel, which hosted community events, a church, a bowling alley and a public market before redevelopment. Woodbridge completed the seven-story, 380,000-square-foot building — originally known as Othello Station North — in 2017, per the Journal of Commerce.
The building is next to the Othello light rail station, which opened in 2009. A separate snippet from The Registry Pacific Northwest Real Estate identified the buying entity as Bel Assembly LLC and cited the same roughly $243,000-per-unit figure, though that detail carries lower confidence than the Journal of Commerce's reporting.
Vacancy Tightens as New Construction Slows Across the Region
The Assembly118 sale lands amid a broader shift in Seattle's apartment market. Seattle's multifamily vacancy rate stood at 6.6% in the third quarter of 2026, down 0.4 percentage points, while year-to-date construction deliveries reached just 6,906 units — a 38.4% drop from the 11,212 units delivered over the same period in 2025, according to Kidder Mathews. Average asking rents climbed to $2,041 per unit per month, up 1.1% year over year, per the same report.
Kidder Mathews also found that the average multifamily sales price in Seattle hit $311,103 in the third quarter, up 21.8% from a year earlier — a jump the firm linked to declining vacancy rates and the lack of new construction. There were 19,059 multifamily units under construction in the Seattle multifamily market in the third quarter, down 6.9% from a year prior, and year-to-date net absorption totaled 9,320 units, 20.9% below 2025's pace over the same stretch.
Other Big-Ticket Apartment Deals Across the Region
Assembly118 isn't the only large multifamily trade to hit the Puget Sound region recently. In Ballard, Ballard Apartments LLC sold the 261-unit Leva on Market at 1545 Northwest Market Street to Bell Partners for $95 million, or about $363,985 per unit, in a deal the Puget Sound Business Journal tied to a broader multifamily sales surge in the neighborhood, according to Puget Sound Business Journal. That report also noted a North Carolina firm had purchased a 261-unit building on Ballard's Northwest Market Street.
Further south, Rise Properties Trust sold the 366-unit Grove Apartments at 10811 Southeast 239th Place in Kent to Trinity Property Consultants for $72 million, or roughly $196,721 per unit — the firm's second Kent-area sale since July, per the Puget Sound Business Journal. Other recent deals noted by The Real Deal include Nordic Partners Investments acquiring a 107-unit building at 415 Boren Avenue in First Hill for $14.4 million, Oso Capital Advisors buying the 198-unit Bower Village complex in Kent for $45 million, and the Spokane Indian Housing Authority acquiring the 200-unit Waterford Apartments in Everett for $53.3 million.
