South Lake Union Luxury Apartment Complex Trades for $104M

Security Properties has purchased 624 Yale, a 206-unit luxury multifamily community in the South Lake Union neighborhood of Seattle. CBRE’s Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto represented the seller, Blume Company, in the $104 million transaction.

Built in 2018, the nine-story building is comprised of studio, one- and two-bedroom floor plans with an average size of 711 square feet. Community amenities include a fitness center, a unique hidden speakeasy lounge and two rooftop terraces with panoramic views of Seattle.

“The property’s central location to high-paying employers, abundant entertainment options and outdoor amenities at Lake Union made this an attractive investment option. The property’s high-rise quality of construction also offered a rare opportunity to acquire an asset at a significant discount to replacement cost,” said Yamamoto in a news release.

624 Yale is located just steps from Lake Union, and is within walking distance to several large tech and life sciences employers, restaurants and fitness studios.