Seattle, WA (September 7, 2021) – GEM Real Estate Partners has placed its Belltown development project, First & Bell, on the market for sale. The shovel-ready, multi-family site is permitted for 59-units and is located at 2218 1st Avenue between Bell and Blanchard Streets.
Ownership has selected Jackson Capital Group (“JCG”) to facilitate the disposition. Mark Jackson Jr., Managing Director at JCG, will lead the sale effort. Jackson Jr. says, “having already passed the design review process, First & Bell is poised to be a great addition to Belltown. For Developers with capital ready to be placed, it’s hard to think of a safer or more compelling play in Seattle’s core.”
Even through the Pandemic’s ever-changing landscape, multi-family has performed steadily. Belltown’s vacancy rate has decreased 3.6 percent over the past year, with asking rental rates increasing 13.6 percent during the same time, according to CoStar Group.
For GEM Real Estate Partners, moving on from First & Bell is part of a larger plan. “We’ve positioned the site perfectly for the next group; our departure ties directly into our capital recycling strategy that we put in place at the onset of 2021,” says Erich Guenther, co-founder.
While overall transactional activity has yet to reach 2019 levels, institutional investors have been active in Downtown Seattle. Price appreciation has resumed as cap rates hold steady.
About GEM Real Estate Partners
GEM Real Estate Partners is an Integrated Real Estate Company specializing in direct real estate investment, creation and management of syndicated real estate investments, real estate fund management, property management, and real estate finance through Glacier Real Estate Finance.
About Jackson Capital Group
Jackson Capital Group focuses exclusively on investment advisory services to corporations and individuals throughout the Pacific Northwest. The company’s mission is to create value for its clients through creative, actionable ideas and flawless execution. For further information, please visit www.jacksoncapital-us.com.