Magma Equities Debuts Seattle-Area Community

The firm has completed a 52-unit condo community designed for entry-level buyers. The project is Seattle’s first condo conversion in more than a decade.
The Slater

Developer Magma Equities has completed The Slater, a 52-unit condo conversion in Kirkland, Wash. The project, designed for entry-level buyers, is the first condo conversion in the Seattle metro area in more than ten years.

Located at 11415 Slater Ave. NE, about 15 miles from downtown Seattle, the 5-story community offers a mix of studio, one- and two-bedroom units with prices starting from $395,000. The homes, ranging in size from 541 to 1,120 square feet, feature stainless steel appliances, glass top stoves, full-sized washers and dryers, walk-in closets, floor-to-ceiling windows and luxury plank flooring.

Community amenities at the building include a fitness center, secured lobby, underground parking, club room and courtyard with barbecue and lounge seating.

AFFORDABLE OFFERINGS

Five of the units are designated affordable for resident earning less than 80 percent of the area’s median income—which, in King County, is $103,000, according to HUD. Prices for the affordable homes begin at $185,000.

“Housing costs continue to consume a large percentage of wage earners’ income, especially in Seattle, which is one of the most expensive housing markets in the United States,” said Ryan Hall, managing principal of Magma Equities, in prepared remarks. “With average asking rental rates approximately $2,100 per month, condo ownership at this price point can be a realistic and a more practical option for many renters. Interest rates are still at historic lows, and mortgage payments can be several hundred dollars a month less then rents for a comparable apartment. More importantly, housing costs will remain constant.”

Earlier this month, LMC broke ground on Ovation, a luxury mixed-use community in Seattle’s First Hill neighborhood.

Image courtesy of Magma Equities