Home Finance Equity Residential Buys Seattle’s Lane Apartments for $85MM

Equity Residential Buys Seattle’s Lane Apartments for $85MM

Equity Residential, Goodman Real Estate, Lane Apartments, Simon Property Group, GGLO, Northgate Mall
Image Courtesy of Lane Apartments

By Meghan Hall

Chicago-based Equity Residential continues to invest heavily in core Seattle assets and has closed on another deal to round out the year. In a transaction that closed on December 19th, Equity Residential purchased the Lane Apartments from Goodman Real Estate for $85 million, or just under $390,000 per-unit. Completed in 2019, the complex is brand-new and one of the newest additions to Seattle’s ever-growing multifamily market. 

According to popular apartment search engine, Apartments.com, the development totals 218 units. The complex features studios, one- and two-bedroom units in addition to live/work residences, states the development’s website. The studios are the smallest, at about 480 square feet, while two-bedroom units total just over 1,000 square feet. Unit amenities include quartz countertops, vinyl flooring, USB wall plug-ins and private patios. Pricing for units also varies, with studios beginning at $1,470 on a monthly basis. One-bedrooms and two-bedrooms begin at $1,765 and $2,225, respectively.

Community amenities are numerous, and include a pet wash room, bike room, a large fitness center and virtual fitness room, and The Lookout, a resident lounge with a pool table, arcade games and televisions. The top floor also features a rooftop deck and speakeasy. 

Located at 10720 5th Ave. NE., the property is located in the up-and-coming Northgate neighborhood, and is just across the street from the Northgate Mall. Over the past year, Simon Property Group has been working closely with the City, GGLO Design, KPFF, NHL Seattle and more to redevelop the 33-acre property into an extensive mixed-use project. Once complete, the development will include a new National Hockey League practice rink, green open space, 768,000 square feet of office space and more than 1,200 residential units.

Equity Residential’s acquisition of The Lane is far from the firm’s first buy in Seattle. Over the years, Equity Residential has built a portfolio of more than 30 multifamily assets throughout the region, according to its website; the vast majority of these assets are located near Seattle’s urban core or core neighborhoods. In November, Equity Residential purchased the Broadstone Saxton Apartments for $167.4 million, and in January, the company purchased the 176-unit Mark on 8th Apartments for $74.1 million. Equity Residential also owns the Olympus Apartment sand 2300 Elliott Apartments in Belltown, the Metro on First Apartments in Lower Queen Anne and the Helios Apartments downtown.