Bellevue, Washington (June 20, 2019) – Wallace Properties received final certificate of occupancy for Prism, Wallace’s newest apartment community in the Northgate Urban Center. Prism consists of 138 apartments, including four live-work units on the ground-floor that are ideal for small professional services firms. The project includes a wide variety of unit types, ranging from studio to two-bedroom, and is within the ½ mile walkshed of the Northgate Transit Center where Northgate Link is scheduled to open in 2021.
Prism complements the remainder of Wallace’s Northgate Urban Center portfolio — the Enclave and Park at Northgate. The three projects combine to 712 apartment units (roughly 1/3 of the apartments in the Northgate Urban Center) and 79,000 square feet of retail space, anchored by 24 Hour Fitness and Total Wine.
In keeping with Wallace’s commitment to affordability, 20% of the apartment units are rent restricted to be affordable to income earners at 65-85% of the area median income. The building was designed and constructed according the same standards for sustainability that have earned Wallace projects environmental certifications in the past.
The lease-up of Prism has been brisk with over 40% of the units rented in the first month of operation. Each unit includes large floor-to-ceiling windows, stainless kitchen appliances and full-sized washer and dryer. Amenities include a community lounge with pool table and kitchen for entertaining guests, and leading out to a courtyard with barbeque grills and a fire pit. A business lounge, conference room, private work pods and bicycle storage room with bike repair stations and lounge provide additional amenities for the apartments and live-work units.
Both construction and permanent financing for the Prism is provided by Washington Federal. Approximately half of the equity was provided by Wallace, and the remainder by local investors.
Project team:
- Developer: Wallace Properties
- Owner’s Rep: Barry Leahy
- General contractor: Rafn Company
- Architect: Baylis Architects
- Civil & Structural Engineering: Coughlin, Porter, Lundeen
- Interior Design: Lair Design
- Landscape Architect: Brumbaugh
- Legal/Land Use & Construction: Schwabe Williamson & Wyatt
- Legal/Finance & Corporate: Buchalter
- Transportation Engineering: TENW
- Energy Modeling: Ecotope
- Surveyor: Bush Roed & Hitchings
- Geotechnical: GeoEngineers
- Residential Management: Pinnacle
- Permitting & Land Use: City of Seattle
