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  • Writer's pictureRealFacts Editorial Team

Major Equity Deal: Sekisui House Acquires The Ivey on Boren in Seattle

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In a significant equity transaction, The Ivey on Boren in Seattle has been sold for over $300 million. The acquisition was announced by Sekisui House REIT, Inc., with the property changing hands for a reported $328 million, which equates to approximately $807,881 per unit. The seller in this deal is an entity linked to Nash Communities and Holland Partner Group, both affiliates of Sekisui House, according to King County public records.

The Ivey on Boren, located at 2019 Boren Ave. in downtown Seattle, is surrounded by a vibrant mix of restaurants, lounges, cafes, and shops, and is in proximity to iconic Seattle landmarks such as the Space Needle and Pike Place Market. Designed by Weber Thompson, the 43-story building encompasses about 643,350 square feet and includes 406 residential units, 53,567 square feet of office space, 7,785 square feet of ground-level arts facilities, and 370 underground parking spaces.

Sekisui House, a prominent house manufacturer in Japan, engages in various segments including custom detached houses, rental housing, architectural and civil engineering, remodeling, real estate management, and urban redevelopment. The company has a substantial international presence, with operations in the U.S., Australia, Singapore, the U.K., and China, having delivered over 2.6 million homes globally as of January 31, 2023.

In light of recent socioeconomic changes driven by the COVID-19 pandemic and an uncertain leasing environment for office buildings, Sekisui House REIT has announced a strategic pivot towards a more residential-focused portfolio. This shift aims to adapt to the changing market dynamics and capitalize on residential investment opportunities. Despite high prices for rental condominiums in Japan, the firm continues to evaluate domestic rental housing properties for acquisition.


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