Apartment construction activity was at record levels in Seattle in 2015, and continues in 2016.
With vacancy rates below four percent and the local economy still in high gear, more than 5,000 additional units are currently either under construction or about to break ground. According to Yardi Matrix , with 26 multi-family developments completed within the past year, Seattle has seen 4,279 new apartments delivered in 2015. Of these, 2,561 are a part of Seattle’s 10 largest rental developments.
Listed below, in order, are the 10 largest rental developments of 2015:
Premiere on Pine, located at 1525 9th Avenue, was the largest new-to-market rental development in 2015 with 386 rental units. Of the units, two are studios, 262 are one-bedroom, 80 are two-bedroom, and 42 are penthouse apartments. The 313,431 square foot, 42-story multi-use building is located in the center of Seattle and a prime location. Completed: July 15, 2015
Cirrus, at 2030 8th Avenue, is a 41-story building that is South Lake Union’s only high-rise apartments. With 355 units, the development offers 20 studios, 256 one-bedroom apartments, 76 two-bedroom apartments, and four three-bedroom apartments, they include floor-to-ceiling windows for great viewing of the city. Completed: November 18, 2015
Cielo, at 800 Seneca Street, was the third largest development with 335 units. The 254,203 square foot, 31-story building features 30 studios, 203 one-bedroom apartments, 86 two-bedroom apartments, and 16 penthouse apartments. Located in the heart of Seattle, everything is within walking distance. Completed: May 26, 2015
Odin, at 5398 Russell Avenue NW, is located in Ballard, one of Seattle’s most desirable neighborhoods. The 31-story building provides 197,390 square feet of living space with 301 rental units; 5 studios, 16 live-work units, 239 one-bedroom units, and 41 two-bedroom units. Completed: September 30, 2015
AMLI South Lake Union, at 1260 Republican Street, is in fifth place with 293 rental units. The seven-story, 213,754 square foot building offers nine studios, 236 one-bedroom apartments, and 48 two-bedroom apartments. Features include a sky deck with a green roof, and a fire pit with a view. Completed: May 29, 2015
Broadstone Infinity, at 1414 10th Avenue, is located in the heart of Capitol Hill and offers 248 rental units. The 183,531 square feet of space offer 12 studios, 172 one-bedroom apartments, and 64 two-bedroom apartments. Amenities include a rooftop entertainment deck with an outdoor fireplace and a courtyard with a fireplace. Completed: September 1, 2015
Spruce, at 4555 39th Avenue, provides 216 rental units with big city living in a small neighborhood. With 150,294 square feet of space, the rental development offers 1 guest room, 12 studios, 116 one-bedroom units, and 87 two-bedroom units. Completed: July 20, 2015
Astro, at 315 1st Avenue, is the eighth largest rental development with 211 units. The six-story building provides 145,010 square feet of living space with 40 studios, 141 one-bedroom apartments, and 30 two-bedroom apartments. Amenities include a rooftop terrace with a green roof, fire pit, and dog park. Completed: June 26, 2015
Rooster, at 900 NE 65th Street, is a seven-story, 131,373 square foot building offering 196 rental units. The rental types include 1 guest room, 32 studios, 140 one-bedroom apartments, and 48 two-bedroom apartments. There are many amenities offered, such as an expansive rooftop deck with fire pit, BBQ, dining areas, an outdoor lounge, as well as home to Portage Bay Café. It’s a pet-friendly community with a dog wash on the roof. Completed: October 21, 2015
Bridges@11th, at 4557 11th Avenue, is the tenth largest rental development with 184 rental units. With 151,924 square feet of living space it offers 118 one-bedroom apartments and 66 two-bedroom apartments. Amenities include a rooftop terrace with a green roof. Completed: August 10, 2015
According to the Downtown Seattle Association, the average size of a Downtown apartment is 638 square feet. Seventy-three percent of the housing inventory is in studio and one-bedroom apartments. However, Downtown does have more than 13,000 units with two or more bedrooms. With the current trend toward families favoring urban living, demand for larger units may increase in the years to come. The average rent in 2015 for apartments in Downtown Seattle was $1,906, compared to $1,485 in the city of Seattle and $1,338 in King County.
RENTCafé assisted with the research on these buildings. More information be found here.