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Seattle

Seattle luxury apartment sale achieves new high-water mark

JLL Capital Markets arranges $32.16M sale and long-term financing of The Cove


SEATTLE, May 14, 2018 – JLL's Capital Markets experts today announced the company completed the sale and financing of The Cove, a newly-completed 60-unit apartment community at 601 E. Pike Street in Seattle's popular Capitol Hill neighborhood. The $32.16 million sale represents the highest per-square-foot price for a residential community in the city to date at $921 per-square-foot. 

Managing Directors David Young and Corey Marx and Vice Presidents Matt Kemper and Don Flanigan arranged the sale on behalf of the developer and seller, Seattle-based Vibrant Cities.

Managing Director Ray Allen and Senior Vice President Seth Heikkila arranged long-term mortgage financing for the buyer at favorable terms from a life company.

"This sale represented a rare opportunity to acquire one of the newest communities in the very desirable Capitol Hill neighborhood. While it achieved a high-water mark for pricing primarily because of the community's location, amenities and quality of construction, it has also proved very popular with renters. Attractive financing was available due to those factors as well as the strength and reputation of the buyer," said Young.  

The Cove was built to LEED Platinum design standards and includes a 3,000-square-foot vegetated roof and solar array panels providing power to the common areas. Residents have access to 18 parking spaces as well as bike storage. The community also includes just under 3,000 square feet of retail space

The community is located just a few blocks from the Capitol Hill light rail station and is surrounded by several urban high tech campuses as well as some of Seattle's most acclaimed restaurants.  

JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation's largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

For more, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more content, including videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 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.