By Meghan Hall
Just before the year’s end, two major commercial real estate entities, New York-based Silverstein Properties and San Mateo, Calif.-based Sares Regis, have struck a deal for the Eastlake 2851 Apartments just south of the University District of Seattle. Sares Regis purchased the Lake Union complex for $56.7 million, or $420,000 per unit, in a deal that closed on November 6th.
Located at 2851 Eastlake Ave. E., the 135-unit property consists of studio, one-bedroom and two-bedroom units, according to Apartments.com. The units range in size from about 450 square feet to nearly 1,000 square feet. Several of the residences are also positioned to operate as live-work units. Rents can average for
The complex is new construction was completed in 2018. The apartments are equipped with vinyl plank flooring, energy star appliances, granite bar tops and maple cabinetry. Amenities feature cardio theater equipment, community barbecue deck and garden plots as well as services like dry cleaning and 24-hour maintenance emergency staff.
Seattle’s Eastlake neighborhood, located just a few minutes south of the University of Washington across Lake Union. Given its centrality to downtown, North Lake, and the University District, Eastlake has been gaining traction in recent years, garnering the attention of investors and developers alike. Located just up the street at 2517 Eastlake Ave. E., a Bellevue-based LLC associated with Carl Pollard plans to build a six-story, 200-unit apartment complex. In the spring, Pasadena, Calif.-based Alexandria Real Estate and global design firm Gensler received design approval on a 12-story, 303,119 square foot office building geared toward tech and life science tenancy.
Both Sares Regis and Silverstein Properties are known nationally. Mainly based in New York, Silverstein has been breaking into new markets across the United States, including Orland and Philadelphia. Sares Regis is more established in the Puget Sound, and owns several other multifamily properties, including Solara, a 238-unit apartment complex in Lake City, Wash., and Monterra, a 139-unit complex in Mill Creek, Wash.