SEATTLE—Vulcan Real Estate has reached a deal for the sale of the Rollin Street Flats in Seattle's South Lake Union neighborhood to San Francisco–based Stockbridge Capital Group for $138.2 million. 

“South Lake Union has grown into a highly desirable residential market,” said Ada Healey, vice president of real estate for Vulcan. “As the neighborhood's premier luxury apartment building, we anticipated competitive pricing and interest from institutional investors, which is evident in the transaction to Stockbridge.”  

The 11-story building features 208 LEED Gold certified loft-style apartment homes, including five penthouse homes ranging from 1,579 to 2,036 square feet. The entry and lobby feature artwork of by local artist Leo Saul Berk, made from timbers and decking salvaged from a one-story building that previously stood on the site. Tenant amenities include roof top decks and a full-size basketball and volleyball court. 

"Stockbridge is very excited to acquire this best-in-class apartment building located in the center of South Lake Union's technology hub,” said Matt McCormick, SVP of acquisitions for Stockbridge. “Rollin Street Flats is a great addition to Stockbridge's Smart Markets Fund due to its condo-like features, superior amenities and proximate access to the area's major employers including Amazon's world headquarters."

Located at the prominent intersection of Westlake and Denny, Rollin Street Flats front the South Lake Union line of the Seattle Streetcar. The site has close proximity to key employment centers in South Lake Union, Denny Triangle and the Seattle CBD. Retail space on the ground level is 100% leased to tenants that include Bar Method, La Toscanella, and Pedini.

CBRE led the transaction between Vulcan and Stockbridge, with a team that included Frank Bosl, Jon Hallgrimson and Eli Hanacek. Vulcan intends to invest the funds from the property sale toward its continued development efforts as well as new land and value-add investment opportunities throughout the region. 

Seattle-based Vulcan Real Estate directs all real estate investment activities for Vulcan Inc., a Paul G. Allen company. Through strategic acquisitions and innovative development, Vulcan Real Estate has created a diversified portfolio of high-performing quality assets including office, biotech, residential and mixed-use projects.

Stockbridge Capital Group is a fully independent real estate investment management firm headquartered in San Francisco, with offices in New York, Chicago and Atlanta. The firm's portfolio is comprised of assets across the risk spectrum, spanning all major property types throughout the US. As of December 31, the firm's total assets under management totaled $8.9 billion.