Seattle—Investment management firm MacFarlane Partners has announced that it has acquired 251 8th avenue North in the South Lake Union area of Seattle, the final parcel for the site of a new 174-unit community. The property was acquired from Haven Investments LLC for $2.7 million. The current building on that area of land will be demolished.
The new multifamily community, which will be designed by Ankrom Moison, will feature a brick and glass façade. There will be a mixture of studios and one- and two-bedroom units. Part of the land was built in 1931 and was the former site of Complete Automotive. This area will be preserved as a landmark and will include as 5,047 square feet of retail space in the new development.
The community will be located near Denny Park, as well as employers such as Amazon’s corporate headquarters, and restaurants and shopping. Public transportation will also be accessible close to the community.
“The South Lake Union neighborhood is the quintessential model for the vibrant urban cores that draw young residents who want to live and dine in the same location where they can work and enjoy the natural environment,” Susan Smartt from MacFarlane tells MHN. “Living here offers the opportunity to be out on the water, enjoy access to transit and nearby restaurants and cultural activities. MacFarlane Partners understands this growing trend—and how South Lake Union continues to only improve and expand. We have already made a second acquisition at 201 Westlake Avenue North and are very committed to the area.”
Groundbreaking for the community is expected to begin in the first quarter of 2014, and the building is expected to be completed in the summer of 2015.