Home Finance Pacific Urban Buys 172-Unit Apartment Building in Seattle for $90MM

Pacific Urban Buys 172-Unit Apartment Building in Seattle for $90MM

Pacific Urban, Seattle, Jacobson Company, Pacific Urban Investors, Alley24 Apartments, South Lake Union, Greystar, Amazon, Cascade Apartments, Mirabella Seattle, Aspira Apartments

By Catherine Sweeney

Not long after it was acquired in 2019, the Jacobson Company is selling off its 172-unit apartment complex in Seattle’s South Lake Union Neighborhood. According to records filed with King County, the property sold for $90 million, or about $523,255 per unit, to Pacific Urban Investors. 

Referred to as the Alley24 Apartments, the property is located at 241 Yale Ave N. The apartment building was initially built in 2006 and offers a mix of one- and two-bedroom unit options as well as modern lofts and townhomes. 

The property also features various tenant amenities, including a rooftop deck garden, a resident lounge, media room, a state-of-the-art fitness center, conference room, bike storage, ground floor dining and more. 

Located just south of Lake Union, the property is near Amazon’s campus and directly west of Interstate 5. Other residential buildings – including the Cascade Apartments, Mirabella Seattle and Aspira Apartments – are also close by. 

Prior to the acquisition, The Jacobson Company acquired the property from Greystar in 2019 for $72 million, according to previous reporting from The Registry. At that time, the Jacobson Company also upgraded the property with various renovations throughout. 

The new owner of the Alley24 Apartments, Pacific Urban Investors, owns more than 200 apartment communities nationwide, providing housing for nearly 20,000 residents. As well as Seattle, the Palo Alto-based investment company also has properties located throughout California, Denver, New York, Connecticut, New Jersey, Maryland and Virginia.