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.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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