SEATTLE—Vulcan Real Estate has sold its Alley24 residential property in Seattle's South Lake Union neighborhood to Greystar for $58.2 million. Located at 224 Pontius Ave. N, the 172-unit property is part of a full block mixed-use development directly west of the REI Seattle flagship store.
The LEED certified Alley24 apartments include studios, lofts, one- and two-bedroom units and town homes with street-level stoops that are incorporated into the renovated historic Richmond Laundry Building. A focal point of Alley24 is the European-inspired alleyway that runs east-west through the center of the property and features artwork by James Harrison. Amenities include two rooftop decks, a workout room, bike room, conference center, business room and media center. Alley24 participates in the City of Seattle's Multi-family Tax Exemption program and offers 35 units of affordable housing for individuals and families at or below 65% of area median income.
“Alley24's sustainable elements and its historic preservation embody the spirit of creating vibrant spaces where people can live, work and play,” said Ada Healey, vice president of real estate for Vulcan. “It is one of South Lake Union's most popular residential communities.”
Alley24 is within walking distance from Cascade Park as well as an array of retail and restaurant options. The retail space at the northwest corner of the site is leased to Lunchbox Laboratory.
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 around the region.
CBRE led the transaction between Vulcan and Greystar, with a team that included Jon Hallgrimson, Frank Bosl, and Eli Hanacek.
Seattle-based Vulcan Real Estate directs all real estate investment activities for Vulcan Inc., a Paul 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.
Greystar is a leading, fully-integrated real estate company offering expertise in investment management, development, and property management of rental housing properties globally. Headquartered in Charleston, SC, Greystar also has offices in the United States, United Kingdom, Mexico, and the Netherlands.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.