SEATTLE-MacFarlane Partners, an investment management firm that acquires, develops and manages real estate assets recently acquired a property at 201 Westlake Ave. North in Seattle. The company intends to construct a seven-story, 77-unit apartment development.
The existing single-story structure on the .29-acre site will be demolished. Situated at the corner of Westlake Ave. North and John Street, the site is located where Downtown Seattle and South Lake Union converge.
“We believe in the strength of the Seattle market: this is our second investment in the area, and we will have a continued ongoing presence in the community,” says Greg Vilkin, managing principal and president of MacFarlane Partners. “We chose South Lake Union because it's a vibrant neighborhood, ideally located near major employers and surrounded by Seattle's trendiest shops and restaurants.”
The SLU neighborhood has ideal transit connections via streetcar along Westlake Ave. and bus lines, and an abundance of restaurants, shopping and other popular amenities. The accessible location has a Walk Score of 97, a transit score of 95 and is close to major employers, such as Amazon.
Designed by architects at Ankrom Moisan to maximize the street level experience, and for the future residents, connect them visually and physically to the neighborhood and City, the building will consist of 77 studios and one- and two-bedroom rental apartments, as well as 4,500 square feet of street-level retail. Future residents will enjoy a rooftop terrace with views of Downtown Seattle and the Space Needle and a resident lounge with fire pit and outdoor seating.
Although MacFarlane could not answer further GlobeSt.com inquiries regarding construction cost by deadline, we learned that groundbreaking for the yet-to-be-named development is planned for the first quarter of 2014 with completion in summer 2015.
This investment is the second in South Lake Union by MacFarlane Partners on behalf of MacFarlane Urban Real Estate Fund III, a closed-end, commingled fund managed by the firm that is capitalized with $211 million in equity from institutional investors. MacFarlane Partners will serve as the property's developer.
In 2012, GlobeSt.com posted that MacFarlane Partners bought a site at Thomas Street and Eighth Avenue North for $6.25 million to build a 157-unit apartment building in Seattle's South Lake Union neighborhood.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
