Our Investments
Investments Selected with Precision to perform with power
Muir Apartments
1601 S Lane Street
Seattle, WA 98144
Seattle, WA 98144
Type: Multi-Family
Size: 79,206 + 12,266
Built:
Investment Date: 5/17/2022
Strategy: Core / Core Plus
Acquired a Class A, mid-rise multifamily building with ground-floor grocery-anchored retail. Located in an urban neighborhood with high barriers to entry; Seattle’s Central District submarket is southeast of downtown with easy access to retail and downtown amenities. The asset provides the opportunity to gain exposure to a strong west coast market with population and job growth driving demand. The building participates in Seattle’s “MFTE” Program, which provides tax incentives in exchange for 20% of units designated as affordable. Given that the median home sales price within 5 miles of the property is $807,000 (~$3,488 monthly mortgage), the building’s relatively low rent, by comparison, is a major demand driver.