Home Finance Greystar Sells Alley24 Apartments in Seattle for $72MM

Greystar Sells Alley24 Apartments in Seattle for $72MM

Greystar, Vulcan, Alley24 Apartments, Alley24 Offices, MetLife, Norman Jacobsen Realty Resources, Seattle, South Lake Union
Image Courtesy of Alley24 Apartments

By Meghan Hall

Seattle’s sale bonanza continues into the holidays, with no slowing down in sight. South Carolina-based Greystar has traded the Alley24 Apartments in Seattle for a healthy $72 million, according to public property documents dated December 19th. The apartments, located at 224 Pontius Ave. N., were purchased by Los Angeles-based The Jacobson Company.

Greystar had originally purchased Alley24 from Vulcan back in February of 2015 for $58.2 million.

The apartment complex is located in South Lake Union, one of Seattle’s most rapidly growing neighborhoods—not just in terms of multifamily development, but in terms of office, as well. Alley24 features studio, one- and two-bedroom apartments, as well as lofts and townhomes. According to Apartments.com, rents for units can range between $1,350 per month to almost $4,200 per month. Apartment amenities include stainless steel appliances, wood plank-style flooring, concrete floors in the lofts and town homes, decks or patios, subway tiles and large windows.

Community amenities include EV charging stations, a 24-hour gym, resident lounge with billiards, WIFI and a catering kitchen, a media room, and an on-site conference room. Outside, residents will find a rooftop deck with fire pit and barbecue, ground floor retailing and valet dry cleaning.

Upon its development the Alley24 Apartments were also associated with the Alley24 offices located at 223 Yale Ave. North. Both properties were developed by Vulcan. After Vulcan sold Alley24 Apartments to Greystar, the firm sold off the office building to MetLife in February of 2016 for $129.4 million, or about $602 per square foot. The sale included 215,000 square feet of space, with 190,000 square feet of office and 25,000 square feet of ground floor retail. 

Alley24 Apartments’ newest owner, The Jacobson Company, operates on a market outlook of “buy right,” according to the firm’s website. The firm targets markets with a strong and diverse employment base, with a business-friendly sector, as well as cities with a large, educated tenant population. The company is currently seeking properties near universities and colleges exceeding 15,000, such as the University of Washington. Norman Jacobsen Realty also looks for value-add opportunities to maximize NOI. Its acquisition of the Alley24 Apartments are only its second in Seattle. The firm also owns the CityZen Commons in Kent, Wash., a newly modernized complex offering one- and two-bedroom units.