Vulcan Real Estate has sold the Augusta Apartments, a 209-unit apartment community in Seattle, for $98.1 million.
JLL marketed the property on behalf of the seller and procured the buyer, a joint venture between Security Properties and STARS REI. In addition, JLL worked on the new owner’s behalf to arrange acquisition financing.
“Augusta Apartments’ strategic location near the University of Washington in the heart of Seattle’s startup and technology hub provides appeal to both students and staff at the university as well as residents seeking proximity to the area’s numerous employers,” said Corey Marx, managing director at JLL Capital Markets.
The seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. The property features a variety of shared indoor and outdoor spaces including a roof deck and courtyard, each with adjoining community lounges. Additional amenities include a guest suite, study area, fitness center, dog grooming room and a sports court.
Augusta Apartments is located at 4041 Roosevelt Way NE within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which will open in 2021 at the corner of 43rd and Brooklyn.
