SEATTLE-Unico Properties LLC has sold Slate Apartments & Lofts, a 236-unit apartment property, to LaSalle Investment Management. Unico broke ground on the new residence in November 2011 and pre-sold the project, prior to its completion on July 2013.
While sources involved would not provide financing information due to confidentially, according to public records, LaSalle Investment Management paid nearly $68.2 million for the property.
Land in the Interbay neighborhood was previously zoned for lesser density which included 45-foot-height restrictions. The Seattle City Council raised the height lid around Dravus Street from 45 feet to 85 feet in 2008 and this, combined with the market reaching solid economic footing, allowed Unico to launch the project.
“We've been patient investors in this neighborhood while always knowing that we could serve as the catalyst to kick off a new neighborhood here,” says Jonas Sylvester, Unico Properties chief investment officer. “This location is a pivotal site with numerous key amenities including parks, businesses, and retail all in one location, as well as incredible access to many of Seattle's other top neighborhoods including Ballard, Queen Anne, Fremont, and Magnolia.”
As a result, Sylvester continues, “we've known for years that Interbay could become a vibrant urban center as long we could bring a critical mass of people to live here—and that's what we've done with Slate Apartments & Lofts.”
Located at 3040 17th Avenue West, between 16th and 17th Avenues West in the Interbay neighborhood, tenants have immediate and local access to Whole Foods, QFC, Trader Joes, Red Mill Burgers, Pagliacci Pizza, Starbucks, bicycle trails, the SPU ballpark, and the Interbay Golf Center.
Slate is targeted to be a Leadership in Energy and Environmental Design Gold certified building. It is furnished with light fixtures and paneling reclaimed from Washington Mutual's former downtown headquarters, now known as Russell Investments Center. Other sustainable design features include ENERGY STAR Appliances, high-efficiency water and heating equipment, efficient LED lighting, rain gardens and bio-retention planters to reduce storm water runoff, drought-tolerant landscaping, and it is one block from the future “Rapid Ride.”
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