Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEATTLE-A $48.9 million high-rise is about to join the Capitol Hill Community.

AvalonBay Communities, Inc. (NYSE: AVB; PCX) has begun construction on Avalon Madison, a 16-story apartment building featuring 154 luxury apartments, 12,800 sf of retail space, including a grocery store and roughly 39,000 sf of office space. The facility will be located less than three blocks from Seattle’s business and financial district and within walking distance of places such as Safeco Field, Broadway Avenue and Pike Place Market.

The community’s 154 homes will consist of studios and one- and two-bedroom apartment homes and one- and two-bedroom apartment homes with dens. The top two floors of Avalon Madison will contain penthouse apartments with numerous upgrades.

Apartment home features will include fully-equipped kitchens, private patios and terraces, walk-in closets and full-size washers and dryers. Residents also will be granted other community amenities such as a clubroom, fully equipped fitness center, two rooftop terraces and panoramic views of the Puget Sound, Elliott Bay and the Olympic and Cascade mountain ranges.

The cost to complete construction of Avalon Madison is expected to be approximately $48.9 million. Construction completion of Avalon Madison is expected during the second quarter of 2003, with initial occupancy expected to occur in the first quarter of 2003. Avalon Madison’s monthly average stabilized rents per home are expected to be about $1,990.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.