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News release

SEATTLE, WA

Allure of New Apartments in Seattle’s Urban Markets Attracts More Investors 

JLL closes sale of Velo and Ray Apartment communities in trendy Fremont neighborhood


SEATTLE, September 21, 2015 – Investors in multifamily residential assets continue to flock to strong job growth markets like Seattle where newly-built urban apartment communities are attracting Millennial renters seeking affordability and the convenience of an urban lifestyle. Seattle is growing at a faster rate than any other U.S. city, and migration to King County recently broke a 24-year record, according to census data.  This is having a major impact on residential rental markets in and around the city, but especially in popular live/work neighborhoods like the Fremont district, where apartment vacancies are at an all time low of 2.5 percent. 

Such positive fundamentals are, not surprisingly, fueling strategic purchases by investors. JLL’s Capital Markets experts recently closed the sale of a pair of brand new apartments in the Fremont neighbourhood.  Developed by Mack-Urban, the 171-unit Velo and 137-unit Ray apartments sit within a few blocks of each other and were acquired by global multifamily investor Greystar.

Managing Director David Young, Executive Vice President, Corey Marx, and Senior Vice President Seth Heikkila led the JLL team on the transaction.

“We’re seeing ongoing strong appetite from multifamily investors in apartments in the Seattle market because of the city’s job growth, lifestyle, amenities, diversity and overall appeal to a largely Millennial population,” says Young. “New builds, especially, are in high demand,” he added.

Completed last September, the five-story Velo apartments at 3635 Woodland Park Avenue North offer one and two-bedroom units as well as loft-style residences and live/work units.  Amenities include parking for 128 vehicles, a rooftop deck with sky terrace, pet and bike areas and two electric car charging stations.  The Ray apartments at 3636 Stone Way North were completed this summer and feature a skyline rooftop deck, a fitness center, bike room, game room and entertainer’s kitchen.  The building also has street-level retail including a restaurant and yoga studio.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.