The Jacobson Company Sells Seattle MultiFam for $90M
Real estate investment and management firm, The Jacobson Company, has sold Alley24, a 172-unit apartment property in the South Lake Union submarket of Seattle. The transaction was valued at $90 million and CBRE represented The Jacobson Company in the deal.
Located at 241 Yale Ave. N, Alley24 was built in 2006 and renovated in 2014. The mid-rise community is comprised of one- and two-bedroom units, modern lofts and townhomes. Amenities include two rooftop terraces with fire pit lounge, media room and 24-hour gym. Alley24 is also within walking distance to many local employers like Amazon and Google, as well as transportation, dining, retail and entertainment options.
“Covid presented serious challenges to multifamily owners in downtown Seattle. Fortunately, we were able to draw upon our experience and maintain high occupancy during the pandemic and add the value we always envisioned with this stellar asset,” said Larry Jacobson, the President and CEO of the Jacobson Company.