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A California-based national property manager has acquired The Exeter, a 120-unit apartment building in Seattle’s First Hill neighborhood, in a $25 million transaction. The buyer is FLT Exeter House LLC, which shares an address and phone number with Irvine, California-based Trinity Property Consultants, a multifamily property management firm with a national footprint.
The Exeter is located at 720 Seneca St. in First Hill and comprises approximately 164,000 square feet across 10 stories. The building occupies a 0.3-acre site and was originally constructed in the 1920s as a luxury hotel before being converted to multifamily residential use. The property is positioned as a sizable apartment asset within one of Seattle’s core urban neighborhoods.
The seller is Seattle-based property management firm Gibraltar, which focuses on managing residential properties. According to reporting from the Puget Sound Business Journal, Gibraltar acquired The Exeter in 2016 for $33.2 million, meaning the 2026 disposition price is below the firm’s prior purchase basis. The current sale transfers control of the property from a locally based operator to an entity tied to a national management platform.
FLT Exeter House LLC’s affiliation with Trinity Property Consultants connects the transaction to a large multifamily manager with a broad national presence. Trinity Property Consultants manages multifamily properties in more than 80 cities across 33 states and Washington, D.C., highlighting the firm’s scale and reach in the apartment sector.
Within Washington state, Trinity Property Consultants operates nine apartment buildings located in Seattle, Kent, Auburn and North Bend. The acquisition of The Exeter adds to the company’s footprint in Seattle’s First Hill neighborhood. The Exeter becomes Trinity Property Consultants’ second property in First Hill, joining Arrive First Hill at 600 Seventh Ave.
Arrive First Hill was purchased by Trinity Property Consultants in 2023 for $26.9 million, according to the same reporting. With The Exeter now part of the same operating universe, Trinity-linked entities hold multiple multifamily assets in the First Hill area, underscoring the neighborhood’s role in the firm’s local strategy. While the article does not detail renovation plans, financing, or leasing metrics, the transaction reflects continued institutional and national-manager interest in centrally located, historic multifamily properties in Seattle.
The post Gibraltar Sells The Exeter Apartments in Seattle’s First Hill for $25M appeared first on CRE Market Beat.
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