March 12, 2012 – Source
The Viktoria Apartments, 1915 Second Avenue in Seattle’s Belltown neighborhood, will have 24 stories and 249 units. The apartment tower is scheduled to be completed in 2013.
Seattle’s Goodman Real Estate and the newly formed Harbor Urban LLC will break ground next month on a 24-story, 249-unit apartment tower at 1915 Second Avenue in Seattle’s Belltown neighborhood, the companies said in a release.
Goodman and Harbor Urban paid MacQuarie Autopark USA Inc. $9.6 million for the 0.30- acre property last week. Both real estate development firms have aggressive plans to build more apartment projects as demand for rental units in urban neighborhoods in the Seattle area drives up rents.
Harbor Urban recently raised more than $40 million to fuel its next round of development by selling two of its Seattle area apartment properties. Goodman, meanwhile, has at least 10 apartment projects in the works.
When completed in 2013, the Viktoria Apartments will include 37 studio units, 176 one- bedroom units and 36 two-bedroom units. Amenities will include a fitness room, yoga studio, theater/game room, business center and rooftop deck with a sky lounge equipped with a party room, full kitchen, pool table, bar and outdoor fireplace and barbeque.
MacQuarie Bank LTD of Australia acquired the deed to the three-story 1920s-era parking garage in lieu of foreclosure in September 2009. The grantor, Stewart & Second L.L.C., had paid $6.87 million for the property in January 2007.
Goodman and Harbor Urban L.L.C. are obtaining financing for the $95 million project through equity partner Capri Capital Partners L.L.C., a Chicago-based institutional investment adviser. Construction financing is being provided by the INDURE Fund in Washington D.C., which also has invested in Seattle-based Sabey Data Centers Properties.
The INDURE Fund is affiliated with Washington, D.C.-based pension fund adviser National Real Estate Advisors, which is wholly owned by the National Electrical Benefit Fund. That fund is sponsored jointly by the International Brotherhood of Electrical Workers and the National Electrical Contractors Association.