Investor Plans New Seattle Apartments
- Aug 15, 2013
Seattle—MacFarlane Partners has acquired the property at 201 Westlake Ave. N. in Seattle on which it intends to build a seven-story, 77-unit apartment development. To make way for the new property, the existing single-story structure on the 0.29-acre site will be demolished.
Groundbreaking for the yet-to-be-named apartment complex is planned for early 2014, with completion slated for summer 2015. The investment is the second in the South Lake Union district of Seattle by MacFarlane Partners on behalf of MacFarlane Urban Real Estate Fund III, a closed-end, commingled fund managed by the firm that’s capitalized with $211 million in equity from institutional investors.
“The South Lake Union area is a vibrant neighborhood that’s still growing,” MacFarlane Partners managing principal and president Greg Vilkin tells MHN. “We’re confident our properties fill the need for both housing and retail for the increasing number of people who work there and want to live there as well.”
The building will consist of studios and one- and two-bedroom rental apartments, as well as 4,500 square feet of street-level retail. Designed by the architecture firm Ankrom Moisan, the developers say one of the goals of the project is to “connect residents visually and physically to the neighborhood and city.”
The location has a Walk Score of 97 out of 100, which counts as a “walker’s paradise,” according to the Walk Score organization, or a place in which all daily errands can be done on foot. It also has a Transit Score of 95 of 100. That metric gauges the accessibility of modes of public transport.