Vulcan Real Estate | apartmentcareers

JLL closes $98.1 million sale, financing of Seattle apartments

JLL announced today that it has closed the $98.1 million sale and arranged acquisition financing for Augusta Apartments, a 209-unit apartment community in Seattle, Washington.

JLL marketed the property on behalf of the seller, Vulcan Real Estate, and procured the buyer, a joint venture between Security Properties and STARS REI. In addition, JLL worked on the new owner’s behalf to arrange acquisition financing.

The seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. The property features a variety of shared indoor and outdoor spaces including a roof deck and courtyard, each with adjoining community lounges. Additional amenities include a guest suite, study area, fitness center, dog grooming room and a sports court. Completed in 2017, Augusta was designed by Runberg Architecture Group and constructed by Exxel Pacific, Inc. The project is LEED Platinum-certified.

Augusta Apartments is located at 4041 Roosevelt Way NE within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which will open in 2021 at the corner of 43rd and Brooklyn.

The JLL Capital Markets investment advisory team representing the seller was led by Managing Directors David Young and Corey Marx.

JLL’s Capital Markets debt placement team representing the new owner included Senior Managing Director Charles Halladay and Director Scott Gilson.

“Augusta Apartments’ strategic location near the University of Washington in the heart of Seattle’s start-up and technology hub provides appeal to both students and staff at the University as well as residents seeking proximity to the area’s numerous employers,” Marx said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

JLL closes $98.1 million sale, financing of Seattle apartments

JLL announced today that it has closed the $98.1 million sale and arranged acquisition financing for Augusta Apartments, a 209-unit apartment community in Seattle, Washington.

The JLL Capital Markets investment advisory team representing the seller was led by Managing Directors David Young and Corey Marx.

JLL’s Capital Markets debt placement team representing the new owner included Senior Managing Director Charles Halladay and Director Scott Gilson.

Luxury apartment building in Seattle’s South Lake Union neighborhood sold by Institutional Property Advisors

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Orion, a 129-unit luxury apartment asset with more than 6,000 square feet of street-level retail space in the South Lake Union neighborhood of Seattle.

“One of the premier urban live-work-play neighborhoods in the United States, South Lake Union continues to attract new jobs, residents, retailers and visitors,” commented Giovanni Napoli, IPA senior managing director. “The neighborhood’s most significant employer is Amazon, which is expanding to nearly 14 million square feet and will have the capacity for 55,000 employees by 2020.” Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske represented the seller, Vulcan Real Estate, and procured the buyer, Belkorp Holdings.

Completed this year, Orion is on the same block as the new Amazon Unicorn building and within blocks of Facebook, Google, and Apple. The Allen Institute, Impinj Inc., the Bill & Melinda Gates Foundation, Microsoft’s gaming division, the global health organization PATH, and the University of Washington School of Medicine are all within a 10-minute walk of the building. A Microsoft Connector stop is around the corner, Seattle’s oldest park, Denny Park, is across the street and there are multiple grocers within a five-minute walk. The city’s central business district, waterfront, Seattle Center, Pike Place Market and the Queen Anne and Belltown neighborhoods are all nearby. The majority of Orion’s rentable retail space is occupied by Kaiser Permanente.