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A joint venture of Norwalk, CT-based Fuller Development and Spinnaker Real Estate Partners sold the 183-unit market rate apartment property to Friedkin, according to brokerage firm CBRE.
Institutional organizations, in particular, are increasingly investing in the Seattle area as the demand for last mile and centrally located properties pushes rents to record levels, such as the recently sold 3002 Lind Ave. SW.
“It isn't enough to have a good job anymore; people want a great life,” said John Kilroy at Allen Matkins annual View From the Top conference, where he talked about how his firm is disrupting the office market.
The single user trend is likely to continue as McClellan Park breaks ground on McClellan Distribution Center to fill a void in the market for high clear-height buildings that can service e-commerce tenants.
The request proposes a walkable, mixed-use development that will include a mix of 900 condominiums, 500,000 square feet of new office space, 12,000 square feet of retail and nearly three acres of green space.