Seattle’s Largest Rental Developments Completed in 2015
- Mar 24, 2016
By Balazs Szekely, Contributing Editor
Seattle, Wash.—Apartment blocks are springing up in the Jet City at a pace only seen before the recession—and new Seattle apartments are much needed to keep up with demand coming from job growth and population growth, both of which have been above the national average for some time.
In 2014, no less than 43 residential developments of 50+ units added 6,384 apartments to the local inventory, and it was safe to say that a setback was inevitable. However, according to data collected by Yardi Matrix, only 26 such multifamily projects came online in 2015, totaling a still quite robust 4,279 units. Developers proved more willing to focus on larger projects with 300+ units, and building green also seems to be a lasting trend. The average monthly rent in Seattle stands at $1,767, with apartments completed since 2010 commanding $2,018 on average.
Take a closer look at 2015’s largest rental developments by unit count:
Premiere on Pine, 386 units
A 42-floor tower in downtown Seattle with 386 units consisting mainly of one- and two-bedroom apartments plus 42 premium penthouse apartments, the block caters for the growing number of young professionals calling Seattle their home. E-commuters and those with after-hours business to conduct can make use of the in-house business center. This amenity, combined with the fitness center and LEED certification, underlines the young, upmarket consumer profile that Holland Partner Group’s Premier on Pine project targets. (Image courtesy of Premiere on Pine Official Website)
Cirrus, 355 units
The focus of GID Development Group’s 41-story tower is directed at one bedroom apartments, with only 76 of the 355 units being two-bedroom apartments. There are only four three-bedroom residences, while the rest of the units are all studios. The building reflects the demand coming from young, single professionals and those who are just starting a family and are on the lookout for modern luxury apartments. Definitely aimed at the upmarket consumer, the apartments boast panoramic views from their full-length windows from the higher floors. (Image courtesy of Cirrus Facebook page)
Cielo, 335 units
The demographic of those seeking high-end rental apartments in Seattle is young and affluent, and Berkshire Group’s new apartment development reinforces this with its 355 luxury rental units consisting primarily of one- and two-bedroom apartments. It also reflects the trend towards convenient commuting, or rather, a central location that’s just a short walk away from downtown areas. Movers and shakers host dinner parties in the banqueting room with kitchen facilities, or enjoy sundowners on the deck while those seeking a more laid-back form of relaxation can opt for the rooftop gardens. (Image courtesy of Cielo Official Website)
Odin, 301 units
The focus on young professionals continues, although unlike those we’ve looked at so far, this 301-unit development is a low rise. The majority of the units in Equity Residential’s Odin project are one-bedroom live-work apartments, catering to telecommuters with fast internet access. High-end finishes such as hardwood floors and facilities that include a gym and rooftop entertainment areas combine with pet-friendliness to attract affluent residents. (Image courtesy of Odin Official Website)
AMLI South Lake Union, 293 rental units
The strength of demand for one bedroom apartments in Seattle is already apparent, and this AMLI Residential project is no exception. Once again, the majority of the units consist of this single or just-married consumer focus with luxurious finishes and fittings dominating the apartment design. For those who are able to enjoy a no-commute work life, the business center meets all modern requirements for fast internet and meeting facilities. For those who still have to get to a downtown office, the location is convenient with easy access to public transport. (Image courtesy of AMLI South Lake Union Official Website)
For more of 2015’s largest apartment projects in Seattle, check out the Top 10 list on the RENTCafé Blog.