Once a hotel at the base of Capitol Hill above downtown, Avia Apartments on Pike is now open

(Image: Avia Apartments on Pike)

Three years ago, CHS broke the news on a company’s $60 million bet against the future of business travel to convert a hotel at the base of Capitol Hill into apartments.

New residents are now moving into Avia Apartments on Pike.

“Live where Seattle’s energy meets effortless sophistication,” the pitch goes. “AVIA Apartments brings you newly renovated, pet-friendly homes with chic modern design, luxe finishes, and the option to go furnished or unfurnished. Perfectly placed near everything you love — from buzzing coffee spots to Lake Union views — our First Hill Seattle apartments make upscale living feel natural, comfortable, and totally you.”

Any Capitol Hill vs. First Hill debates aside, the newly reopened building’s 183 units are now available for lease. The Daily Journal of Commerce reported here on the opening.

(Image: Avia Apartments on Pike)

The price range includes The Cascade’s tiny 400-square-foot one-bedroom layout at $1,650, to The Fremont at 677 square feet for $2,050. You can really stretch out in the two-bedroom Tacoma and Tidal units for around $2,000 and $3,000 a month, respectively, depending on which views from the eight-story building you prefer. Move-in specials abound.

CHS reported here in 2022 as PEG Companies, a Provo, Utah-based “vertically integrated real estate development and investment firm known for its unique approach to creating value,” acquired the Homewood Suites by Hilton building on Pike near the Seattle Convention Center for $60 million with plans to convert the 1991-built eight-story extended stay hotel into apartments.

Has the bet paid off? The industry reports, despite massive affordability issues, an ongoing homelessness crisis, and the constant threat of Blue city backlash from the current administration, rents in Seattle have continued to surge. Business travel to Seattle, meanwhile, has stabilized but still remains troubled by post-pandemic trends. Tourism here also appears to be irreversibly altered by lifestyle changes across the country and the world — though next summer’s World Cup games are expected to help fill the city’s hotels to capacity for a few weeks.

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