Shoreline, WA, May 18, 2022 – Seattle-based real estate developer Intracorp Homes has formed a joint venture with apartment investor Pacific Urban Investors for the development of the project and secured additional financing from PCCP, LLC (PCCP). Today, Intracorp Homes announced that construction has begun on Zinnia Apartments, a new four-building, 206,000 sq. ft. apartment community in Shoreline.
Located at the intersection of 1st Avenue NE and NE 147th St within walking distance of the future 148th Street Light Rail Station, which is slated to open in 2024, the new 4-story apartment community will feature 299 studio, one- and two-bedroom apartments. Twenty percent of the new homes will be set aside for income-restricted housing.
“As the region becomes more interconnected, we are excited to deliver an extraordinary apartment community that will appeal to Shoreline’s current and future residents,” said Matt Robins, Development Manager with Intracorp Homes. “Zinnia will offer all the perks of modern apartment homes in a location that has quick connectivity and access to outstanding schools, parks and natural areas.”
“We’re thrilled to be partnering with Intracorp on the development of Zinnia, a project that will set a new standard for transit-oriented living in Shoreline,” said David White, Managing Director with Pacific Urban Investors. “Intracorp’s vision for the project, coupled with their execution of the complicated land assemblage, clearly distinguishes them as a leader in Pacific Northwest development. Zinnia will be a special community for our future residents, and Pacific Urban is eager to identify new opportunities to invest in projects like Zinnia throughout the Puget Sound Region.”
Zinnia Apartments: Seattle’s Most Accessible, Comfortably Care-Free Home Escape
Situated in a residential Shoreline neighborhood, which is settled between the city limits of Seattle and the Snohomish County border, Zinnia Apartments includes lush landscaping and outdoor seating areas, a parking structure for residents, a fitness center, rooftop deck with barbeque and seating, and a club room with kitchen, dining, and television seating areas.
Additional amenities in the eco-friendly, 4-Star Built Green building slated for completion in 2024 will include bicycle storage and a secure package delivery system. Pre-leasing is anticipated for early 2024.
Saavy Project Team
In addition to project partners Intracorp Homes, Pacific Urban Investors and PCCP, project team members include Milbrandt Architects (Architect), Object Space (Interior Design) and PACE (Civil Engineering and Landscape Design).
About Intracorp For over 40 years, Intracorp has been dedicated to building extraordinary homes and communities, earning a reputation as one of North America’s leading real estate developers in the process. Every new project begins with a unique vision, drawing inspiration from the local surroundings. Then, building materials and architectural details are carefully considered. The resulting development is more than just structurally-sound – it’s a living, breathing community all its own. From intimate townhomes to iconic gateway towers, the urban-built environment has been shaped, in part, by Intracorp with a singular goal – to create extraordinary homes and experiences.
About Pacific Urban Investors. Pacific Urban Investors (“Pacific”) is a best-in-class U.S. multifamily owner, operator, and investment manager with a portfolio of over 15,000 units and over $6.5 billion of assets under management. The firm was founded in 1998 and is an industry-leading multifamily specialist with expertise in executing core, value-add and opportunistic strategies. Pacific’s structured finance team provides joint venture equity and preferred equity to developers and operators of multifamily properties in major U.S. markets. Pacific’s pursuit of superior investment performance is backed by an experienced team of real estate professionals, and a disciplined investment and risk management process. The firm invests its own partner capital as well as on behalf of institutional investors and has generated superior risk-adjusted returns on behalf of our investors, strategic partners, and shareholders.
About PCCP. PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $16.8 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 23-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $31.5 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.