Greystar Nabs Class A Community in Seattle
Zig Apartments features 170 residential units and ground-floor retail. Amenities include a fitness center, a business center and 108 parking spaces.
by Beata Lorincz
Funds managed by Greystar Real Estate Partners LLC have acquired Zig Apartments in the First Hill neighborhood of Seattle. Completed in the summer of 2017, the community provides 170 units and 5,018 square feet of retail space.
The project development comes as a response to the growth of the Seattle job market over the last years. Located at 550 Broadway in the heart of the First Hill neighborhood, the property is in proximity to the CBD, South Lake Union and Capitol Hill. The site provides easy access to the city’s tech hub, while a variety of retail, dining and leisure amenities are also adjacent to the site.
According to Yardi Matrix data, Zig Apartments comprises studio, one-bedroom, two-bedroom and live-work apartments. Common amenities include a fitness center, a business center, a clubhouse and a total of 108 parking spaces. High-end finishes of the residential units include washer/dryer, above-standard ceiling heights and hardwood floors.
“Zig Apartments offers Greystar a rare opportunity to acquire a best-in-class multifamily asset in the strategic gateway market of Seattle. The property will greatly benefit from the city’s robust employment growth and resulting positive rental trends,” said Kevin Kaberna, executive director & leader of Greystar’s U.S. Investment platform, in a prepared statement.
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