By Jack Stubbs
Seemingly not a day goes by without some activity in Seattle’s South Lake Union neighborhood, and a recent sale of a 211-unit apartment complex has continued that trend.
On Monday, October 30th, Denver, Colorado-based UDR Inc. announced its sale of the 8th and Republican apartment complex for $101.3 million, or roughly $480,094 per unit, according to a Q3 2017 report released by the company. The buyer was San Mateo, Calif.-based Essex Property Trust, a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily apartment communities.
Jon Hallgrimson, Eli Hanacek and Frank Bosl of CBRE were the listing brokers for the seller and the selling brokers for the buyer.
Located at 430 8th Ave N, the 8-story complex built in 2016 sits in the heart of Seattle’s active South Lake Union neighborhood and just half a mile from Washington State Route 99. The property listing on Essex’s website highlights the property’s location and close proximity to bustling attractions such as Pike Place Market, Westlake Mall, Pacific Place, MoPOP, The Seattle Center and Amazon’s headquarters.
The property offers studios, one-bedroom units and two-bedroom units. The studios range in size from 577 to 711 square feet, ranging from around $1,889 to $2,092 in price; the one-bedroom units run from 572 to 901 square feet, with currently available units costing between $2,219 and $2,703. The largest unit types range in size from 968 square feet to 1,616 square feet, with the available units costing between $3,071 and $3,074, according to the property’s website. Some of the prominent apartment features include hardwood-style vinyl plank flooring, washer and dryer, quartz countertops and LED lights. Residents also have access to a lounge with indoor and outdoor fireplaces, a landscaped courtyard, a conference room, a bike storage station and a rooftop terrace with views of the surrounding South Lake Union neighborhood.
Essex Property Trust, originally founded in 1971 as Essex Property Corporation, acquires, develops and manages multifamily apartment communities, with its portfolio concentrated in select coastal submarkets along the West Coast, including Southern California, Northern California and the Seattle metropolitan area, according to the company’s website. The company strives to develop apartment communities in geographical locations that score high in walkability, and that are close to major employers and central amenities, with Seattle’s South Lake Union neighborhood reflecting that criteria.
The company manages apartment complexes throughout the Puget Sound Region, including in Bellevue, Kirkland, Redmond, Bothell and Renton, among other locations. Some of the company’s other Seattle assets include Annilese, an 8-story 56-unit property in Belltown; Citywalk, a 3 story 102-unit complex 10 minutes north of Downtown in Northgate; and Collins on Pine, a 76-unit property located in close proximity to the bustling Pike/Pine neighborhood.
Founded in 1972, UDR Inc. has apartment properties in some of the nation’s most prominent cities, including Boston, Denver, Los Angeles, New York City, Washington D.C., San Francisco and Seattle. UDR has featured luxury apartments in Bellevue on the Eastside, Downtown Seattle and Renton to the South. Some of the company’s Seattle apartment complexes include the Kennedy Building, a 7-story 124-unit asset in the University District; the Olivian, a 224-unit property in Denny Triangle; and CityLine, a 195-unit complex in the Columbia City neighborhood.