Viktoria Apartments is Generating Jobs and Contributing to Belltown’s Economic Development as Construction Reaches 6-Month Milestone
SEATTLE (Oct. 01, 2012) — Construction of a 24-story multifamily mixed-use project called Viktoria Apartments reached its 6-month milestone at 1915 Second Avenue in Seattle’s Belltown neighborhood.
Viktoria is expected to contribute to the economic development of Belltown and the Pike Place Market District, neighborhoods that spill into Seattle’s commercial and downtown core. The Viktoria project will provide a large number of both direct and indirect jobs and additional tax revenue to the City of Seattle.
“Downtown Seattle is experiencing an impressive level of residential development, with nearly 5,500 apartment units under construction as of last month,” said Kate Joncas, president and CEO of the Downtown Seattle Association. “The Viktoria Apartments will provide additional residential units, but also street-level business potential. This project reiterates what the numbers are telling us – Downtown Seattle is the city’s fastest growing neighborhood with more and more people finding downtown to be the region’s premiere location to live, work, shop and play.”
The construction of projects like Viktoria are helping to invigorate downtown Seattle. These types of projects not only bring jobs to the area during construction, they also bring in new residents that will support the future economic growth of the area.
Harbor Urban, LLC, Goodman Real Estate, Inc. and equity partner Capri Capital Partners, LLC are partners in the luxurious multifamily project. Viktoria is scheduled for completion in late 2013 with a total development cost of approximately $95 million.
“Viktoria is a well-located luxury apartment tower in the heart of Belltown and the Pike Place Market District. It will help shape these two neighborhoods and provide an urban experience for our renters,” said Goodman Real Estate, Inc. Chairman, John Goodman.
The Belltown neighborhood is known for its retail, restaurants and goods and services that cater to urban renters. Several significant employers are also well-established in the area, which has led to increased demand for residential units.
Ken Lombard, senior partner at Capri Capital Partners, LLC, stated, “Belltown is an exciting neighborhood, and we expect Viktoria to attract very sophisticated urban renters who will add to the vibrancy of the area. There’s no question they will also be good consumers for local restaurants and other retailers, and many are likely to work in the area as well.”
Viktoria will feature a mix of studios, one-bedroom units, two-bedroom units, plus 3,690 square feet of street-level retail and 138 parking stalls.
The project has been designed for sophisticated urban renters with a contemporary design, vintage accents and a timeless sense of style. Viktoria will have stunning views of Seattle’s downtown skyline, Elliott Bay, Mt. Rainier and the Cascade and Olympic Mountain ranges.
Viktoria’s robust amenities include a fitness room with a yoga studio, theatre/game room, business center, lobby, and generous rooftop deck with sky lounge. The sky lounge includes a party room, full chef’s kitchen, bar/pool table area, fireplace lounge, outdoor BBQ grill, outdoor fireplace and a dog area.
Project team members include: Harbor Urban, LLC, Goodman Real Estate, Inc., Capri Capital Partners, LLC, National Real Estate Advisors, architectural designer Weber Thompson, general contractor Turner Construction, construction manager Keller CMS, and structural engineer CKC.
“We have a first rate group of partners and project team members,” said Jim Atkins, managing director of Harbor Urban, LLC. “Harbor Urban would like to sincerely thank those working to bring the Viktoria Apartments to the Seattle residential marketplace.”
About Harbor Urban, LLC
Harbor Urban, LLC, is a Seattle-based full service real estate investment and advisory company that develops and operates environmentally sensitive, urban infill projects in pedestrian friendly, centrally located neighborhoods throughout the region. The company is focused on a wide range of real estate project types, including high-rise residential, mixed-use multifamily and neighborhood workforce housing. More information is available by visiting www.harborurban.com or calling 206.876.3784.
About Goodman Real Estate
Founded in 1990 by John Goodman, Goodman Real Estate, Inc. (GRE) is a leading privately held real estate investment company specializing in multifamily and commercial real estate. Headquartered in Seattle, Washington, we maintain a diversified portfolio of quality commercial property investments across the United States and Canada. This portfolio spans the spectrum of risk-adjusted investments including multifamily ownership and construction; hotels and resorts; office and retail buildings; land development; and structured investments.
About Capri Capital Partners, LLC
Capri Capital Partners, LLC is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992. Capri offers a broad spectrum of equity and debt products to its customers through separate account and commingled fund vehicles. Diversified assets managed on behalf of its pension fund and other institutional clients totaled $3.6 billion in gross fair market value as of September 30, 2011. For more information, please call 312-573-5275 or visit the company’s website www.capricapital.com.
Capri Capital Partners, LLC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any statements contained herein to reflect any change in events, conditions, or circumstances on which any such statement is based. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any security relating to Capri Capital Partners, LLC or any of its funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.
Kate Hudson, FRAUSE