SEATTLE, WA - CBRE announced the $90 million sale of Alley24, a 172-unit multifamily community located in Seattle’s South Lake Union neighborhood. The CBRE team of Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto represented the seller, The Jacobson Company, a leading private real estate investment and management company.
Built in 2006 and remodeled in 2014, Alley24 encompasses two, six-story buildings. Floorplans range from studios to two-bedroom homes with an average unit size of 722 sq. ft. Community amenities include a 24-hour gym, resident lounge with catering kitchen, media room, rooftop deck with city skyline views, and ground-floor retail.
“Multifamily investment properties continue to be viewed as a safe investment, especially core-plus properties like Alley24 that are in growing neighborhoods near high-paying employers and popular amenities. In this case, we found the right capital for an exceptional, off-market investment opportunity,” said Eli Hanacek, vice chairman, CBRE.
“We acquired this asset in 2020 after seeing significant opportunity to maximize operational efficiencies, implement light value-add renovations, and leverage the strength of the thriving South Union Lake submarket," said Larry Jacobson, president and CEO of The Jacobson Company. “It was a pleasure to continue our long-standing partnership with the team at CBRE to successfully execute this sale, creating an IRR of 20% and generating substantial returns for our investors.”
Alley24 is located at 241 Yale Avenue North in the Cascade neighborhood of South Lake Union. The property is surrounded by retail and recreation, within walking distance of many of the region’s largest employers, and is near Interstate 5, the South Lake Union Streetcar and RapidRide.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
About The Jacobson Company: The Jacobson Company is a real estate investment company that specializes in acquiring and operating multifamily, student housing, and commercial properties. The company has a 50-year tradition of successfully acquiring and operating conventional multi-family, student housing and commercial properties and providing investors with stellar returns in the form of distributable cash flow, optimizing the operating performance of its assets, and realizing appreciation over time.