SEATTLE—Vulcan Real Estate has sold its Alley24 residential property in Seattle's South Lake Union neighborhood to Greystar for $58.2 million. Located at 224 Pontius Ave. N, the 172-unit property is part of a full block mixed-use development directly west of the REI Seattle flagship store.

The LEED certified Alley24 apartments include studios, lofts, one- and two-bedroom units and town homes with street-level stoops that are incorporated into the renovated historic Richmond Laundry Building. A focal point of Alley24 is the European-inspired alleyway that runs east-west through the center of the property and features artwork by James Harrison. Amenities include two rooftop decks, a workout room, bike room, conference center, business room and media center. Alley24 participates in the City of Seattle's Multi-family Tax Exemption program and offers 35 units of affordable housing for individuals and families at or below 65% of area median income.

“Alley24's sustainable elements and its historic preservation embody the spirit of creating vibrant spaces where people can live, work and play,” said Ada Healey, vice president of real estate for Vulcan. “It is one of South Lake Union's most popular residential communities.”