SEATTLE, WA - Seattle-based companies Goodman Real Estate and Harbor Urban, LLC, along with equity partner Capri Capital Partners, LLC, announced today the purchase of the property at 1915 Second Ave. in Seattle where construction will begin in April on a 24-story multifamily mixed-use project called Viktoria Apartments. The total cost to develop the project, scheduled for completion by the end of 2013, is approximately $95 million.
When it’s complete, Viktoria will be one of the tallest multifamily projects ever built in the centrally located, pedestrian-friendly Belltown neighborhood. Viktoria will offer 37 studios, 176 one-bedroom units, 36 two-bedroom units, 3,690 square feet of street-level retail, and 138 parking stalls of above- and below-grade parking. The project has been designed for today’s environmentally minded, sophisticated urban renter, and includes a wide range of on-site amenities and upscale interior finishes.
“Viktoria has the potential to be the signature residential building in Belltown,” said Chairman John Goodman. “We have a great design, great partners in Capri and Harbor Urban, LLC, and a well-capitalized project that addresses growing residential demand in the area,” he said.
“Viktoria will fill an existing market need for well-located and high-quality apartment units. What’s more, we’re breaking ground at an opportune time in terms of product delivery and lease-up,” said Jim Atkins, an executive at Harbor Urban, LLC. “We couldn’t have asked for a better partnership to bring this project to the Seattle residential marketplace.”
Ken Lombard, senior partner at Capri Capital Partners, LLC, stated, “Seattle’s Belltown neighborhood is an exciting place with pent-up demand for high quality residential units. I grew up in Seattle and continue to spend a lot of time here, and I have great confidence in the product we’re creating and the team we have in place to make it happen. Goodman Real Estate and Harbor Urban, LLC, are strong, well-capitalized partners who have built many high quality multifamily projects in urban markets, including Seattle.”
The project, already being called by many “The Vik,” is conveniently located in a vibrant, pedestrian-oriented neighborhood that’s just a short walk from Seattle’s commercial core and a range of lifestyle-based destinations — including Pike Place Market; the South Lake Union neighborhood; Metro bus, South Lake Union Streetcar, Link Light Rail and Microsoft’s commuter transit system; and Seattle Art Museum, Benaroya Hall, Seattle’s waterfront district and various other arts and culture destinations.
Belltown has been referred to as “a walkable neighborhood with everything you need,” according to CNNMoney. The area is filled with shops, restaurants and numerous other existing goods and services catering to today’s urban dweller. Several significant employers are also well-established in the area, which has led to increased demand for residential units over the past several years.
Viktoria’s thoughtful architectural design will also provide for beautiful, sweeping views of Seattle’s downtown skyline, Elliott Bay, Mt. Rainier, the Cascade and Olympic Mountain ranges, and various other visual landmarks. The common space amenities in the building are robust, featuring a fitness room, yoga studio, theatre/game room, business center, lobby, and rooftop deck with sky lounge. The lounge includes a party room, full chef’s working kitchen, bar/pool table area, fireplace lounge, outdoor BBQ grill, outdoor fireplace, and more.
Residents at Viktoria will enjoy high-quality interior finishes such as expansive window walls in various units, views on mid-level and upper floors, clean steel appliances, granite countertops, hardwood-like flooring, air-conditioning in every unit, and contemporary design with vintage accents.
Construction financing for Viktoria Apartments will be provided by the INDURE Fund, based in Washington D.C. “We are pleased to be providing financing to the Goodman, Harbor Urban, Capri Partnership, and are delighted to be playing an important role in the creation of a very significant new building in Seattle,” said Jeff Kanne, President and CEO of National Real Estate Advisors, manager of the INDURE Fund. “We have been particularly active in the Seattle area in the last several years through our investment in Sabey Data Center Properties. This new investment evidences our confidence in the future of the Belltown neighborhood and in the partnership that will build it. We expect Viktoria Apartments to be an important addition to the INDURE Fund portfolio and are actively looking for additional debt and equity investments in the Seattle area.”
Goodman Real Estate is a leading privately held real estate investment company specializing in multifamily, mixed use and commercial real estate. Harbor Urban, LLC, is focused on the development of sustainable urban infill projects including high-rise residential and neighborhood workforce housing. In addition to Goodman Real Estate, Harbor Urban, LLC, and Capri Capital Partners, LLC, project team members include: architectural designer Weber Thompson, general contractor Turner Construction, construction manager Keller CMS, and structural engineer CKC.