By Jack Stubbs
Seattle’s South Lake Union neighborhood has seen no shortage of investment and development activity in recent months, and a recent luxury apartment complex sale shows the interest from investors continues into the new year. On Thursday, January 10th, Chicago-based Equity Residential acquired the Mark on 8th Apartments for $74.1 million, or approximately $421,022 per unit, according to public records filed with King County. The seller of the property was San Francisco-based real estate investment company MacFarlane Partners.
The seven-story Mark on 8th Apartments, located at 285 8th Ave N. in the Denny Triangle area of South Lake Union, contains 176 units and was built in 2015, according to the property listing on apartments.com. The property, which is one block from Denny Park, offers a mix of studio, one- and two-bedroom units that range from 436 to 985 square feet and rent for between $1,715 and $3,245, according to Equity Residential’s web site.
“MacFarlane Partners is very proud of Mark on 8th. Equity Residential is acquiring an excellent, well-located property,” said Chairman and CEO Victor MacFarlane. “If the structure of our investment fund allowed, we would have owned it for a long time. Congratulations to EQR.”
The apartments feature stainless steel appliances, quartz countertops and private balconies, and some of the community amenities available to residents include a rooftop deck, residential lounge, 24-hour fitness center and underground parking. The web site also highlights the property’s central location in South Lake Union, less than one mile from the Amazon Spheres and Facebook’s and Google’s corporate offices in the neighborhood. “Stylish and contemporary, Mark on 8th Apartments stands proud in the heart of Seattle’s South Lake Union…Mark on 8th Apartments is also conveniently close to transit routes and the South Lake Union Streetcar. Experience the very best of Seattle living here.”
Founded in 1969, Equity Residential focuses on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets, according to the company’s web site. The company owns or has investments in 306 properties–consisting of 79,412 apartment units–primarily located in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California.
Equity Residential was last active in Seattle early last year, when in early March 2018 the company purchased the 117-unit Chloe Apartments in Capitol Hill–a neighborhood just east of South Lake Union–for $53.7 million, or approximately $458,974 per unit.
Founded in 1987, MacFarlane Partners focuses on investments that promote smart growth, urban revitalization and sustainability in urban and high-density suburban submarkets of select gateway cities within the U.S., according to the company’s web site. MacFarlane Partners has properties in Los Angeles, New York, the San Francisco Bay Area, Washington D.C., and Seattle.
Preceding the recent sale of the Mark on 8th Apartments, the Emerald City’s South Lake Union neighborhood has been in the news in recent weeks as well. On December 27th, Trammell Crow acquired a 16,520 square foot group care home building–located at 1930 Boren Ave. in Denny Triangle–from Lake City-based Safe Haven Associates for $17.3 million
In late November 2018, a proposal submitted by ZGF Architects on behalf of the Seattle Cancer Care Alliance (SCCA) to expand its current facilitates at 825 Eastlake Ave. E.–as part of the Fred Hutchinson Cancer Research Campus–by nine stories was unanimously approved by the West Design Review Board.