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.
- 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