SEATTLE--(BUSINESS WIRE)--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.
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, we maintain a diversified portfolio of quality commercial property investments across the U.S. and Canada. With a market value of over $2.5 billion, this portfolio spans the spectrum of risk-adjusted investments: multifamily construction; hotels and resorts; office and retail buildings; land development; and structured investments. John Goodman’s assets include 34,540 apartment units, 2.5 million square feet of office and retail space, three golf courses, and five luxury hotels.
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.
About the INDURE Fund and National Real Estate Advisors
National Real Estate Advisors (NREA) established the INDURE Fund to serve as the primary real estate investment vehicle for institutional investors related to the unionized electrical industry, as well as other institutional investors. NREA is wholly-owned by the National Electrical Benefit Fund (NEBF). Jointly sponsored by the International Brotherhood of Electrical Workers (IBEW) and the National Electrical Contractors Association (NECA), NEBF is one of the largest Taft-Hartley pension funds in the country with more than $10 billion in assets. For more information, please visit: www.natadvisors.com.
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