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Apartments Sell In Upzoned Neighborhood

Seattle
Vulcan Real Estate sold Augusta Apartments for $98.1M to a joint venture between Security Properties and STARS REI.

Augusta Apartments sold for $98.1M to a joint venture between Security Properties and STARS REI. The seller was Vulcan Real Estate. 

The seven-story, 209-unit mixed-use building is at 4041 Roosevelt Way NE, near the University of Washington and the U-District light rail station set to open in 2021. The building was completed in 2017 and includes 3,470 SF of ground-floor retail space and shared indoor and outdoor spaces such as a rooftop deck and courtyard. Amenities include a guest suite, fitness center, dog grooming room and sports court.

JLL represented Vulcan and arranged acquisition financing for the apartments.

The U-District is one of Seattle’s upzoned neighborhoods, which allows for more density and housing. Recently, Landmark Properties purchased an eight-parcel site in the neighborhood for $39M. It plans to build two 25-story buildings and one seven-story mid-rise, all of which will be used for student housing. 

Not everyone is happy about the upzone designation. Upzoning puts in question the future of a popular stretch of funky, eclectic shops and small businesses on the road known as The Ave. The organization Save the Ave hopes to exempt University Avenue from upzoning in an effort to preserve the nature of the neighborhood. The street is home to legacy businesses that have been in their locations for as long as 80 years.