Search
 

Klee Lofts Opens Doors to Tough Market

SEATTLE, WA-Another up-scale apartment complex opens in Belltown, facing the same slowdown as the rest of the urban neighborhood. Colliers' expert Morris Groberman says the market is tough now, but it may soon round a corner to better days.

By Janet Parker | Updated on November 01, 2001

SEATTLE, WA-Earlier this year, the Belltown apartment market was the place to put your investment dollars. Spurred by high rents and high demand, new projects were underway in every nook and cranny of the downtown neighborhood.

The newest kid to arrive on the block is the art-inspired Klee Lofts of developer Val Thomas Inc. Though an attractive property with attractive amenities, Morris Groberman of Colliers International says Klee’s opening comes at a tough time for the urban apartment market–but that could change by next Spring.

Helen Wattley-Ames, director of property management for Market Management Inc., is in charge of leasing up the 140 lofts and penthouses, as well as 31,500 sf of retail space of Klee Lofts–a mixed-use complex located at 2717 Western Ave. She tells GlobeSt that as of today the residential units are 12% leased, and the first tenants moved in just last week.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.