Greystar Acquires Alley24 Apartments

 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.