Seattle – MacFarlane Partners, an investment management firm that acquires, develops and manages real estate assets on behalf of some of the world’s largest pension plans and institutions, announced today the acquisition of 215 8th Avenue North in Seattle’s South Lake Union neighborhood, the final parcel for the site of a new, seven-story, 174-unit apartment development.
MacFarlane Partners acquired the property from Haven Investments, LLC for $2.7 million. Known as the Holly Press building, 215 8TH Avenue North is adjacent to two other parcels that MacFarlane Partners previously acquired: 223 8th Avenue North and 777 Thomas Street.
The buildings at 215 8th Avenue North and 223 8th Avenue North will be demolished to clear the land for new construction. The structure at 777 Thomas, originally built in 1931 and former home to Complete Automotive, has been deemed a historic landmark by the city’s Landmarks Preservation Board and will be preserved and incorporated into the new development.
“We are extremely excited to buy this last parcel to complete what will be our first investment in Seattle,” said Greg Vilkin, managing principal and president of MacFarlane Partners. “This project will uniquely blend new with old by virtue of our team’s thoughtful approach to the design and integration of the landmark. We are very pleased with the energetic look and feel, and look forward to seeing the added vitality brought to the landmark by future residents and patrons of the building’s retail component.”
The new brick and glass building designed by Ankrom Moison will consist of 174 studio and one- and two-bedroom rental apartments, and 5,047 square feet of street-level retail space in the landmark portion. Groundbreaking for the yet-to-be-named development is planned for the first quarter of 2014 with completion in the summer of 2015.
Conveniently situated at the corner of Thomas and 8th Avenue North, just a block north of Denny Park; the site is located in the vibrant and fast-growing South Lake Union neighborhood. It is served by strong transit connections to downtown Seattle via streetcar, and a quickly growing selection of restaurants, shopping and other popular amenities. The highly accessible location has a Walk Score of 98, a transit score of 95 and is near many major employers, such as Amazon’s corporate headquarters.
MacFarlane Partners has invested in the project on behalf of MacFarlane Urban Real Estate Fund III, a closed-end, commingled fund managed by the firm that is capitalized with $211 million in equity from institutional investors. MacFarlane Partners will serve as the property’s developer.
About MacFarlane Partners
MacFarlane Partners is an investment management firm that acquires, develops and manages over $5 billion in real estate assets on behalf of some of the world’s largest pension plans and institutions. Founded in 1987, the firm pioneered the urban investment concept among institutional real estate investment managers in the 1990s and today is a leading investor and developer of properties that promote smart growth, urban revitalization and sustainability in urban and high-density suburban areas nationwide. It currently is developing 2,200 apartment units in its core urban markets.
MacFarlane Partners is headquartered in San Francisco, with regional offices in New York City, Washington, D.C., and Los Angeles For additional information, please visit the firm’s website atwww.macfarlanepartners.com.