Tower 12 Acquired by Weidner Apartment Homes

Kirkland-based Weidner Apartment Homes bought Tower 12, a new 34-story apartment complex at 2015 2nd Avenue in Seattle, from developer Continental Properties for $225.3 million. This is the largest acquisition to date for Weidner who now has more than 50,000 units in the U.S. and Canada.

Located on the northwest corner of 2nd Avenue and Virginia Street, Tower 12 features 313 apartment units and 7,000 square feet of ground floor retail. The units have an average size of 847 square feet and feature nine to eleven-foot ceilings, gas ranges and air conditioning. Most of the floor plans are one-bedrooms. There are also 53 two-bedroom units, and penthouse units with upwards of 1,800 square feet. Nearly 70 percent of the units feature a view of Elliott Bay. The building also features above and below grade parking for 312 vehicles.

Tower 12 Acquired by Weidner Apartment Homes

Tower 12’s common amenities include an indoor/outdoor rooftop clubhouse offering a kitchen, bar, resident lounge, library, fitness center and yoga room. The roof deck features a fire pit lounge area, barbecues and seating for dining. Additional amenities include a theater and media room, board room, pet run and grooming station.

Excluding retail space, the price per unit comes in at more than $719,000 per unit, likely an area record. The previous regional record is believed to be the Bravern in Bellevue, at $676,923 per unit. Depending on retail space, the Seattle record is either Rollin Street Flats, at $619,744 per unit; or Premiere on Pine, at $614,300, per unit.

Tower 12 was developed by Continental Properties. Their team included PCL Construction, general contractor; and MG2, architect. Construction began in 2015 and the tower topped out in 2016. It opened this past summer for residents and is already 90% leased.

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