Colliers has arranged the off-market sale of Stream 403, a recently built multifamily property in Seattle, for $20.4 million. The seven-story building, located at 403 Belmont Ave. E. on the corner of Belmont and Harrison, sits in the city’s Capitol Hill neighborhood and offers a boutique residential setting.
According to Colliers, Senior Vice President Sam Wayne worked on the transaction alongside Associates Dylan Luxenberg and Reed Gustavsen. The team facilitated the sale of the 47-unit property, which totals 38,408 square feet on a 0.17-acre site. The transaction was completed off-market, underscoring the ongoing appetite for well-located multifamily assets in this part of Seattle.
Longtime Seattle-area multifamily investor Josef Stanzl acquired Stream 403, as reported by the Puget Sound Business Journal. The buyer adds a relatively new, mid-rise apartment building to his regional holdings, reflecting continued investor focus on established urban neighborhoods with strong housing demand. Financial and other transaction terms beyond the reported sale price were not disclosed.
Stream Real Estate developed the property in 2017, delivering a contemporary multifamily asset within walking distance of neighborhood amenities and transit options. While specific interior features and amenities were not detailed, the building is described as a trophy asset and boutique residence, positioning it as a higher-quality offering within the local apartment stock.
Colliers research cited in the coverage notes that the Capitol Hill/Central District submarket is maintaining a 94.4% occupancy rate across more than 39,000 apartment units. The area’s combination of walkability, transit connectivity and proximity to employment centers is highlighted as a key contributor to its performance within Seattle’s broader multifamily market.
Commenting on the transaction, Wayne congratulated the buyer and Stream Real Estate Partners, characterizing the deal as a positive outcome for all sides involved. With the sale of Stream 403, an institutional-quality multifamily asset changes hands in one of Seattle’s most established urban neighborhoods, reinforcing Capitol Hill’s standing as a core rental housing location.
