JLL closes $98.1M sale, financing of Seattle apartments
Augusta Apartments near the UW campus sold on behalf of Vulcan Real Estate
SEATTLE, November 20, 2019 – JLL announced today that it has closed the $98.1 million sale and arranged acquisition financing for Augusta Apartments, a 209-unit apartment community in Seattle, Washington.
JLL marketed the property on behalf of the seller, Vulcan Real Estate, and procured the buyer, a joint venture between Security Properties and STARS REI. In addition, JLL worked on the new owner’s behalf to arrange acquisition financing.
The seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. The property features a variety of shared indoor and outdoor spaces including a roof deck and courtyard, each with adjoining community lounges. Additional amenities include a guest suite, study area, fitness center, dog grooming room and a sports court. Completed in 2017, Augusta was designed by Runberg Architecture Group and constructed by Exxel Pacific, Inc. The project is LEED Platinum-certified.
Augusta Apartments is located at 4041 Roosevelt Way NE within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which will open in 2021 at the corner of 43rd and Brooklyn.
The JLL Capital Markets investment advisory team representing the seller was led by Managing Directors David Young and Corey Marx.
JLL’s Capital Markets debt placement team representing the new owner included Senior Managing Director Charles Halladay and Director Scott Gilson.
“Augusta Apartments’ strategic location near the University of Washington in the heart of Seattle’s start-up and technology hub provides appeal to both students and staff at the University as well as residents seeking proximity to the area’s numerous employers,” Marx said.
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Vulcan Real Estate
Seattle-based Vulcan Real Estate directs all real-estate investment activities for Vulcan Inc, a Paul G. Allen company. Through strategic acquisitions and innovative development, Vulcan Real Estate has created a diversified portfolio of high-performing quality assets, including office, life sciences, residential and mixed-use projects.
The company’s integrated team of real estate professionals offers a full range of development and portfolio management services from site selection and urban planning to build-to-suit construction, leasing, financing and asset repositioning. Its real estate model is based on quality, sustainable development that builds new value across the entire community.
Since 2000, Vulcan Real Estate has delivered $4.1 billion in assets in 44 projects comprising 10.1 million square feet and 2,858 residential units. Eighty percent of the development projects have occurred in South Lake Union, renowned as one of the largest urban redevelopment projects in the country. The company also has 400,000 square feet of commercial space and 532 residential units under construction. Its development pipeline consists of an additional 5.0 million square feet and 2,000 residential units in the Seattle and Bellevue markets.
About Security Properties
Security Properties is a national real estate investment, development and operating company headquartered in Seattle, Washington.
For more than 50 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 90,000 residential units at a cost of over $6.5 billion.
Security Properties maintains a focused multifamily strategy supported by integrated teams of professional acquisition, development, construction, investment and property management specialists. For more information, visit securityproperties.com.
About STARS REI
STARS REI is a privately held company with real estate holdings in the U.S. and the U.K. The company’s real estate industry experience, passionate team, commitment to excellence and global perspective create exceptional long-term value in its real estate holdings. STARS REI invests in real estate opportunities that have the potential to improve the property and the surrounding area, placing an emphasis on the quality of life in and around the property itself. Whether these assets are fully developed, in need of redevelopment or coming to life from the ground up, STARS REI is constantly looking for creative ways to transform real estate in the markets in which it invests. STARS REI values consistency and discipline in our portfolio construction. The company looks for partners who appreciate its perspective, have local expertise and are personally committed to the projects on which it works. The company operates at the highest level of integrity to build long-term, mutually beneficial and successful relationships while it executes on each business plan. STARS REI’s headquarters is in Santiago, Chile, and it maintains an office in the U.S. in the New York City metro area. The company works in close partnership with each partner and are involved in both major and day-to-day decisions. The company relies on the combined expertise of its local partners and its internal team to create the best solutions that maximize long-term value. For more information, please visit starsrei.com.