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May 18, 2024
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Pacific Urban Investors Closes $90 Mil Seattle Res Buy


In a recent Seattle res trade, Alley24 Apartments, a 172-unit multifamily asset in the cityís South Lake Union area, was acquired by Pacific Urban Investors for $90 mil, or $523k/unit. The property, located at 241 Yale Ave N, was originally built in 2006 and renovated in 2014.

The mid-rise multifamily community has a unit mix comprised of one- and two-bedroom apartments, modern lofts, and townhomes. Units include deluxe condo quality finishes such as designer kitchens with quartz countertops and stainless-steel appliances, washer/dryers and oversized windows with views of Lake Union and downtown Seattle. Amenities include two rooftop terraces with fire pit lounge, catering kitchen, media room, 24-hour gym, and striking resident lounge.

Eli Hanacek, Jon Hallgrimson, and Mark Washington of CBRE represented the seller, The Jacobson Company, who acquired the asset from Greystar in 2020. Greystar had originally purchased Alley24 from Vulcan back in February of 2015 for $58.2 mil.

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