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2/17/17
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Champion Real Estate Company recently purchased Union Bay Apartments, a 73-unit multifamily apartment community with 3k sf of commercial space in Seattle’s South Lake Union area. The property was acquired by an affiliate of Champion for $24 mil, or about $329k/unit.
Built in 1994, the property had been family-owned for 23 years prior to this sale. It consists of generously-sized studio, one-, and two-bedroom units that cater to the various demographic groups in the area. The building also has one of the largest usable roof decks in South Lake Union with views of the Space Needle and Lake Union.
South Lake Union is a fast-growing technology and bioscience hub that is home to companies such as Amazon, Dropbox, Google, Facebook, WeWork, the Paul Allen Brain Institute, Fred Hutch Cancer Research, and Zymogenetics. With an influx into the area of young professionals earning substantial incomes, Union Bay Apartments is situated in a prime renter’s market.
Champion plans to unlock additional value by installing professional local management and providing residents with an upgraded, luxury lifestyle and living choice.
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