{"id":1004113227,"date":"2015-02-11T06:32:49","date_gmt":"2015-02-11T14:32:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004113227"},"modified":"2022-12-09T01:34:42","modified_gmt":"2022-12-09T09:34:42","slug":"vulcan-hands-over-luxury-residential-project-in-seattle","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vulcan-hands-over-luxury-residential-project-in-seattle\/","title":{"rendered":"Vulcan Hands Over Luxury Residential in Seattle"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<div id=\"attachment_1004113231\" style=\"width: 160px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Ada-Healey.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004113231\" data-attachment-id=\"1004113231\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/vulcan-hands-over-luxury-residential-project-in-seattle\/ada-healey\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Ada-Healey.jpg\" data-orig-size=\"378,336\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS-1D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1177122445&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;90&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Ada Healey\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Ada Healey&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Ada-Healey.jpg?w=378\" class=\"size-thumbnail wp-image-1004113231\" alt=\"Ada Healey\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/Ada-Healey.jpg\" width=\"150\" height=\"150\" \/><\/a><p id=\"caption-attachment-1004113231\" class=\"wp-caption-text\">Ada Healey, Vulcan Real Estate<\/p><\/div>\n<p>Stockbridge Capital Group\u00a0has acquired the Rollin Street Flats apartments, a mixed-use property in Seattle\u2019s South Lake Union, from Vulcan Real Estate for $138.2 million.<\/p>\n<p>\u201cRollin Street is South Lake Union\u2019s premier luxury apartment community. Initially\u00a0designed as condominiums, the units feature large floor plans and high quality finishes and amenities,\u201d Ada Healey, Vulcan Inc.\u2019s vice president of real estate, told <i>Commercial Property Executive<\/i>.\u00a0 \u201cAt the time of sale the occupancy rate of the residential units was 96 percent and the retail space was 100 percent leased, demonstrating strong cash flow and good income prospects for the future.\u201d<\/p>\n<p>Located on the corner of Westlake Avenue North and Denny Street, the 11-story building features 208 LEED Gold certified loft-style apartment homes, including five penthouse homes ranging from 1,579 to 2,036 square feet. Retail tenants on the first floor include Bar Method, La Toscanella, Ligne Roset, Mio Sushi and Pedini.<\/p>\n<p>The building\u2019s entry and lobby are highlighted by artist Leo Saul Berk\u2019s work, made from timbers and decking salvaged from a one-story building that previously stood on the site. Tenant amenities include rooftop decks and a full-size basketball and volleyball court.<\/p>\n<p>According to Healey, institutional investors have been very bullish on Seattle this past year and the growth trajectory for Seattle\u2019s economy is very strong.<\/p>\n<p>\u201cGoing forward, Vulcan is targeting higher risk\/reward investments, all of which made this the right time to sell Rollin Street,\u201d she added. \u201cWe are actively seeking new investment opportunities in the Seattle region including land and ground-up development as well as value-add assets. This transaction fits our philosophy by providing capital for future investments that meet our criteria.\u201d<\/p>\n<p>South Lake Union has experienced tremendous growth over the past decade and is home to many innovative companies. As a result, the neighborhood has become a highly sought after residential location. Rollin Street Flats also front the South Lake Union line of the Seattle Streetcar and is nearby key employment centers in South Lake Union, Denny Triangle and the Seattle CBD.<\/p>\n<p>\u201cThe specific coordinates of Rollin Street at the Denny\/Westlake intersection could not be more prominent; it enjoys a location on the Seattle streetcar line, is across the street from Whole Foods and is just blocks from the CBD to the south and the lakefront to the north,\u201d Healey concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Targeting higher risk\/reward investments now made it the right time for Vulcan Real Estate to sell its mixed-use property in Seattle.<\/p>\n","protected":false},"author":451,"featured_media":1004113231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,15],"tags":[],"class_list":["post-1004113227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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