Vale Apartments, a five-story boutique project, is located at 995 7th Ave. NW (credit: SeaLevel Properties).
ISSAQUAH, WA—With more renters clamoring for housing in all parts of the Puget Sound, one project comes along at the right time. SeaLevel Properties recently launched Vale Apartments, a five-story multifamily boutique project. Located at 995 7th Ave. NW in downtown, the 108,000-square-foot 110-unit building features a mix of open one-bedroom, one-bedroom and two-bedroom units, along with ground-floor loft units.
“Our vision at Vale was to create a quality boutique building that would enhance the city's vision for future generations and we couldn't be more pleased with the result,” said John Shaw, SeaLevel Properties director. “I was born and raised in this city along with my partner Kyle, who serves as SeaLevel's director of multifamily development, and I still live here in Issaquah with my family. We're beyond excited to provide a livable new project within our hometown that we can share both with the current and future residents, as well as show off to our kids.”
Pre-leasing began earlier this year and since the building's soft opening in May, the Vale has leased more than 60% of its available units.
“As one of the most livable cities in the country, Issaquah is an amazing gateway between big city amenities and mountain recreation,” Shaw tells GlobeSt.com. “For all these reasons I am glad to call it home. And, the positive response we've received for this project has been incredible. We're really excited to welcome new residents to the Vale Apartments in the heart of the Issaquah Valley.”
The Vale Apartments offer quartz bathrooms and kitchen countertops, and in-home washers and dryers. All units also include keyless entry. Additionally, private balconies, walk-in closets, air conditioning and eat-in kitchen breakfast bars are also available in select units within the building.
Community amenities at Vale include two rooftop decks featuring an outdoor barbecue and fireplace, an indoor lounge featuring a full gourmet kitchen, a lobby with fireplace, a large bike room with work station and a secure fitness center. Covered parking is also available to residents.
Vale Apartments is designed to utilize 60% less energy than traditional apartment buildings. Tables and shelving in the building's common areas were harvested from trees on the site, and grafts of 100-year-old apple trees were expertly saved to preserve their bloodlines.
Located within walking distance of numerous restaurants and retail, the Vale Apartments also affords commuters easy access to neighboring communities given its proximity to the intersection of Interstate 90 and State Route 900.
The building is also located on the Juniper Trail, a multi-use east-west trail connection from State Route 900 to Olde Town Issaquah, which is just a five-minute bike ride (or 12-minute walk) to the Issaquah Park and Ride. Situated in the foothills of three mountains and at the base of Lake Sammamish, there are also numerous outdoor activities nearby.
Primary project team members on the Vale Apartments project in addition to SeaLevel Properties were Exxel Pacific (general contractor), Grouparchitect (architect) and Robin Chell Design (interior designer).
Across the region last year, the market experienced a decline of more than 20% in transaction volume from the peak sales year of 2016, according to a first quarter report by Colliers International. However, overall pricing was up—measured both by price per unit and price per square foot. In each county, submarket and neighborhood, unique dynamics emerged that will impact operating and investing decisions.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
