Vulcan Cashes In on $69M Luxury Seattle Sale

IPA brokered the disposition of the recently completed community in South Lake Union.
Orion. Image courtesy of IPA

Vulcan Real Estate has completed the sale of Orion, a 129-unit luxury community in Seattle’s South Lake Union neighborhood. According to Yardi Matrix data, Belkorp Holdings paid $68.8 million, or $533,496 per unit, for the property. Institutional Property Advisors worked on behalf of the seller and procured the buyer. Earlier this month, Vulcan sold another Seattle asset for $98.1 million.

Located at 910 John St., the seven-story Orion was completed in 2019 and includes 6,000 square feet of ground-floor retail space occupied largely by Kaiser Permanente. Runberg Architecture Group is the designer behind the community, which features amenities including a fitness center, lobby lounge, meeting room and rooftop deck.

The boutique property is on the same block as Amazon’s 9th & Thomas headquarters and within blocks of other major employers including Apple, Google and Facebook. The community is within walking distance of the University of Washington School of Medicine, the Allen Institute, Microsoft’s gaming division and the Bill & Melinda Gates Foundation. Denny Park, Seattle’s oldest park, is across the street and a Microsoft Connector stop is around the corner of Orion.

The IPA team lead by Senior Managing Director Giovanni Napoli, along with Philip Assouad, Ryan Dinius and Sidney Warsinske, facilitated the transaction. According to Napoli, Amazon is expanding to some 14 million square feet in the neighborhood and will reach 55,000 employees by 2020, further boosting South Lake Union’s appeal.