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10/25/22
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624 Yale, a 206-unit luxury apartment community in Seattle, sold for $104 mil, or $505k/unit. Built in 2018, the property is located adjacent to I-5 in the city’s South Lake Union district.
Photo: Jennifer Clark/Porchlight Photography |
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The nine-story building was designed with concrete and steel construction and offers a mix of studio, one-bedroom and two-bedroom floorplans with an average unit size of 711 sf, as well as fitness, work and meeting amenities. The property also has a hidden speakeasy lounge and two rooftop terraces with panoramic views of the Seattle skyline and Lake Union.
624 Yale is steps from Lake Union and approximately five minutes from downtown Seattle. The property is within walking distance to several large tech and life sciences employers, restaurants, and fitness studios.
Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto with CBRE’s Pacific Northwest multifamily team represented the seller in the deal.
“The property’s central location to high-paying employers, abundant entertainment options, and outdoor amenities at Lake Union made 624 Yale an attractive investment option. The property’s high-rise quality of construction also offered a rare opportunity to acquire an asset at a significant discount to replacement cost,” said Yamamoto.
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