Come spring 2009, AvalonBay Communities will begin building an apartment complex on the west side of Lower Queen Anne between Harrison and West Thomas St. on 3rd Ave W- Avalon Queen Anne.  The building is slated to accommodated approximately 200 units, 247 parking stalls, 5,000 SF of retail space and will be designed by GGLO. After construction starts the building will take about 18 months to be completed and cost about $60 million to build.

AvalonBay had been building about one apartment complex in the Northwest every three years, but are wanting to create a larger presence in our market.   Avalon Queen Anne is one of 3, possibly 4 apartment buildings that will be built in the next two years…the others will be built in Kirkland, Bellevue and Ballard!  Click here to read more.

What once was Expo62 Condominiums is now Axis Apartments!  Located on the border of lower Queen Anne and Belltown at 123 2nd Ave, Axis is just steps away from the Key Arena, Seattle Space Needle, Pacific Science Center, The Experience Music Project, Boeing IMAX Theater, Marion Oliver McCaw Hall and the Pacific Northwest Ballet.  If you are looking for easy access to the waterfront-Myrtle Edwards Park, Olympic Sculpture Park, HWY 99, I-5 or downtown by bus- this location will be perfect for you!

Axis will soon be BUILT SMART certified by Seattle City Light and BUILD GREEN certified from the Master Builders Association. There are 7 stories and floorplans range from 459 square foot studios to 1,762 square foot 2 bedroom/2 bath penthouses.  Studios are priced starting at $1175, 1 bedrooms at $1450 and 2 bedrooms at $1810, most offering granite countertops, stainless steel appliances with gas stoves, hardwood floors and fireplaces.

The building itself offers a lobby with a mezzanine and library, a theater room, 24-hour fully equipped fitness center, business center and a rooftop garden with a pet care center!

Click here to visit the Axis Apartment website!

Low vacancies, rising rents and a cooling condo market has made Seattle’s apartment market more appealing to out-of-state investors, according to a report just released by Marcus & Millichap.

- Over 34,000 jobs are expected to open in 2008
- Vacancy rates are expected to be at 4.7% by the end of the year
- The average rental rate is expected to reach $1023 per month- a 6.2% increase from last year

Click here to read more!

Also, check out the National Apartment Association’s Housing Survey on how renter’s feel about our real estate market- 69% of renters plan on continue renting for as long as 5 more years!

Just across the street from the Pink Elephant Carwash on Denny and Dexter (109 Dexter Ave N), the Borealis Apartments are approaching completion as announced by Vulcan last week.  This new workforce housing project will soon provide affordable apartments for individuals and families earning less than 80% of the median household income for King County.

The 33,000-square-foot, six-story building includes 53 apartments with studios, one-bedroom, and two-bedroom units ranging from 400 – 850 square feet with approximately 3,600 square feet of retail space.

As defined by the U.S. Department of Housing and Urban Development, 2008 median incomes for 80 percent are $43,050 or less for a one-person household and $61,500 or less for a four-person household. Rental rates at Borealis Apartments will start at $875 for a studio, $1,052 for a one-bedroom and $1,244 for a two-bedroom unit.

As an environmentally friendly development, Borealis Apartments is designed to qualify for three-star Built Green certification from the Master Builders Association of King and Snohomish Counties, and is also participating in Seattle City Light’s Built Smart program. Sustainable features include low-flow fixtures, Energy Star appliances, low VOC finishes, increased natural daylight, green screens and bike storage lockers.

Click here to visit the Borealis Apartments website for additional details!

Today was the first day I noticed the Carbon56 sign on Aurora and I have to admit that I was pretty shocked! Being that there are several listings on the MLS for sale and homeowners that are already living in the building, it will be interesting to hear how this project moves forward with a substantial mix of condos and apartments under one roof.

I heard that their website will be launching this coming weekend with additional information and for now more details can be found on SeattleRentals.com. Looks like there are 20 units available and studios/1 bedrooms are priced between $1675 & $2275 for 667 to 1,142 square feet. If anyone out there has the scoop on how this untraditional conversion will operate, please share!

According to DJC.com, Intracorp has just listed the 91-unit condo project, Domaine, for sale as apartments with Moran & Co.  (Click here to view their website listing)  FYI- Moran & Co also handled the transaction for First Hill’s M Street Apartments. 

Sounds like the name has now changed to “Lake Union View Apartments” (…pretty creative) and completion is set for this April.  I did notice that in the listing detail, the project is offered “as a pre-sale on an ‘as is, where is’ basis.”

If you are unfamiliar with the location, Domaine/Lake Union View Apartments is located on the eastside of Queen Anne off of Highway 99.  (Click here to view Domaine’s current website)

Today lawmakers will take their first vote on a proposal to limit condo conversions by allowing cities to set caps on the number that occur each year.  The battle has just begun for local developers and the affordable housing activists who fear a “rental crisis” is on the rise.  While a similar proposal was rejected last year, our current market conditions call for some sort of regulation to take place!  Click here to read more.

On another note, in the downtown area we are now hearing of new construction projects converting back to apartments.  The most recent apartment conversion is Expo 62 and just yesterday I heard from a little birdie that Olive8 might be the next…stay tuned! 
 

The Queen Anne Manor (located at 100 & 120 Crockett St.) was recently purchased by Queen Anne Manor LLC for $17.2 million with the intentions of renovating the property and continuing operations as an assisted living facility. 

If you are in the market, other communities to check out are Merrill Gardens (800 & 805 4th Ave. N) and The Viewpointe on Queen Anne (2450 Aurora Ave. North).

Click here to read more.

A couple weeks back when I attended the IREM Forecast Breakfast, Mike Scott (from Dupre + Scott) talked a bit about the rental market and where it is heading.  The topic of conversation seemed to go a little like this…

Seattle’s economy is stronger than ever, apartment vacancy rates are down and rents are still on the rise, but come 2009 we should expect to see the rental market flatten a bit due to a large amount of new construction apartments entering the marketplace.      

The Seattle PI covered the topic today (and all the contributing factors) while announcing two new apartment high-rises that are well on the way.  

- The Olivian will be a 27-story luxury apartment building with 224 units located at 8th & Olive…right across the street from Olive8.
 
- The Aspira, which was first slated as condominiums, broke ground yesterday and will soon be a 37-story apartment tower located on the corner of Stewart & Terry Ave. 

Click here to read more

P.S. I am back!