Charleston, So. Carolina -based Greystar has sold Radius, the urban apartment complex in Seattle’s South Lake Union to a joint venture between the Beverly Hills, Calif. -based Kennedy Wilson and New York – based LeFrak for $141 million, or $500,000 per unit, according to sources with direct knowledge of the transaction.
Radius, which is located at 400 Boren Ave. N in Seattle is a modern, urban apartment community featuring 1-, and 2-bedroom residences. The property’s Web site highlights the building’s proximity to Terry Ave. N., Thomas St. Light Rail, Amazon and Fred Hutch. It features a rooftop deck, an outdoor BBQ and entertainment area, a club room, a resident pub and a fitness center, to name a few of its amenities.
The building has a Walk Score of 97, according to Greystar’s Web site, and rents range from $1,900 to $3,700.
The Weber Thompson-designed complex also features two levels of sub-grade parking and it is LEED-Homes Gold certified.
The sale was brokered by the Seattle office JLL. Managing Directors David Young and Corey Marx represented the seller on the transaction.
Greystar is a big believer in the South Lake Union sub-market. “The South Lake Union neighborhood of downtown Seattle has the fastest job growth on the West Coast north of San Francisco. The new jobs create a need for convenient and appropriately designed housing. To the west of our project is Amazon Headquarters, to the north, east and south new office buildings are under construction, which will provide space for 8,000 jobs,” said Randy Ackerman, senior development director for Greystar, when he was interviewed in July of 2015 announcing the 181-unit development at 1122 Harrison Street.