Home Finance 355-Unit Cirrus Apartments in South Lake Union Sells for $103.3MM

355-Unit Cirrus Apartments in South Lake Union Sells for $103.3MM

Seattle, GID, South Lake Union, Washington State Convention Center, Pike Place Market, Elliot Bay Waterfront, Issaquah, Redmond 8th and Lenora, Amazon, Weber Thompson
Image courtesy of www.cirrusseattle.com

By Jack Stubbs

There’s no shortage of activity occurring in Seattle’s residential real estate market, and the bustling South Lake Union neighborhood shows no signs of slowing, either.

On Thursday, January 8th, the 355-unit Cirrus Apartments sold for $103.3 million, or approximately $290,986 per unit, according to public records filed with King County. The buying and selling entities of the property share the same address as The General Investment and Development Companies (GID), a Boston-based investment company that developed the project and focuses on multifamily, mixed-use, for-sale condominiums, retail, office and hotel projects.

GID representatives did not respond for comment about the details of the transaction in time for the publishing of this story. The transaction most likely involves bringing equity partners into the ownership of the project.

Located at 2030 Eighth Ave. in South Lake Union, the 41-story Cirrus Apartments was built in 2015, and it was designed by Seattle-based Weber Thompson. In addition to the 355 residential units, the property also includes 7,300 square feet of amenity space on the 41st floor, according to the property’s web site. The high-rise community offers a mix of studio, one-bedroom and two-bedroom units. The studios range from 516 to 563 square feet and rent for between $1,780 and $2,545. The one-bedroom units range from 765 to 927 square feet and rent for between $2,450 and $3,785, while the largest units are between 1,202 and 1,289 square feet, with rents between $3,450 and $4,895, according to the property’s web site.

The units feature private balconies and floor-to-ceiling windows, also offering residents open floor plans, chef-inspired kitchens, stainless steel appliances, quartz countertops and plank flooring. Some of the community amenities available to residents of Cirrus include a business center, on-site parking, rooftop terrace with an outdoor fireplace and a fitness center.

The web site also highlights the building’s prominent location in Seattle’s bustling South Lake Union neighborhood, offering panoramic views of the Seattle skyline. The property is at the corner of 8th Ave. and Lenora St. and is less than one mile from several prominent locations including the Washington State Convention Center, Pike Place Market and the Elliot Bay Waterfront. Additionally, the asset is approximately one mile from access to Interstate-5.

Most importantly, the property is within blocks of the sprawling Amazon headquarters neighborhood in South Lake Union.

Founded in 1960, GID specializes in development, acquisitions, real estate funds, international real estate investing, hedge funds, portfolio and asset management and property management, according to the company’s web site. Focusing on a wide variety of real estate assets including multifamily, retail and office projects, the company is an active buyer and developer of various types of real estate on behalf of its institutional co-investment partners and its own account.

Since the company’s founding, GID has developed or acquired over 73,000 residential units and 16 million square feet of commercial space. The combined companies’ portfolio consists of 81 multifamily properties totaling 22,682 apartment homes (including 642,531 square feet of commercial and retail space) located in 13 states. Additionally, the company has 17 multifamily properties—totaling 5,289 apartment homes—under active development across ten states.

Some of GID’s other properties in the company’s Puget Sound region portfolio include the 247-unit Estates at Cougar Mountain apartment building in Issaquah; the 230-unit Reflections by Windsor Apartments in Redmond; and Stratus, a 396-unit property in downtown Seattle.