Institutional Property Advisors Closes $25M Multifamily Sale of The Exeter in Seattle's First Hill
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has closed the $25 million sale of The Exeter, a 115-unit multifamily property in Seattle's First Hill neighborhood, the firm announced March 31, 2026. The buyer is a private family office; the seller is Gibraltar.
Property Overview: A Legacy Asset with Value-Add Potential
Originally constructed in 1927 as a luxury Class A hotel, The Exeter is a 14-story building that was converted to market-rate multifamily in 2016. The property includes 115 apartment homes averaging approximately 702 square feet each, along with 17,648 square feet of commercial and office space and an underground parking garage. The transaction equates to roughly $179,245 per unit.
"Originally constructed as a luxury Class A hotel, The Exeter embodies a level of craftsmanship not replicated today and has been thoughtfully restored for the modern renter," said Giovanni Napoli, IPA executive managing director. "The property is a well-maintained asset that has been carefully preserved by both the current seller and prior ownership over multiple decades. While the property has benefited from consistent upkeep, it still offers meaningful value-add potential for future ownership. The unit layouts, averaging approximately 702 square feet, are larger than typical for assets of this vintage, and the inclusion of an underground parking garage further distinguishes the property within its competitive set."
The building features Tudor-inspired architecture, including a grand lobby with stained-glass accents, arched doorways, and historic detailing. Current and prior ownership invested in updating building systems, common areas, and unit interiors. Community amenities include a resident lounge with wall-to-wall windows, Amazon package lockers, on-site laundry facilities, and a bike storage room. Individual apartments feature stainless-steel appliances, white Shaker cabinets, granite countertops, and upgraded lighting and plumbing fixtures. Select units offer skyline views, historic fireplaces, in-unit washers and dryers, or air conditioning.
Strategic Location in Seattle's First Hill
The Exeter's location places it within proximity to several major employment centers. First Hill's medical campuses — including Swedish Hospital's First Hill Campus and Virginia Mason Medical Center — are nearby, as are tech employers such as Amazon and Google in South Lake Union. The property is also close to Seattle's Financial District and is within walking distance of the Link Light Rail system, museums, theaters, dining, and retail.
Brokerage Team and Transaction Details
Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, Gibraltar, and procured the buyer, a private family office. No cap rate or loan details were disclosed in connection with the transaction.
IPA specializes in institutional property transactions and operates as a division of Marcus & Millichap, providing acquisition, disposition, and financing advisory services for institutional clients across North America.