Decibel Apartments Seattle, Washington
Gracorp is developing (a 100% equity interest) a multi-family residential apartment project situated at 12th Avenue and Alder Street in Seattle, WA.
This project consists of 75 apartment units and is located three blocks north of the Anthem project (located at 12th Avenue and Yesler Way). The 68,000 square foot project will consist of a mix of studio, one-bedroom and two-bedroom units and roughly 2,600 square feet of commercial space on the ground floor. Occupancy is targeted for late 2016.
The site is ideally located on the southern slope of First Hill adjacent to and within walking distance of downtown Seattle, Harborview Medical Center, Swedish Hospital, Virginia Mason Hospital, the International District and Seattle University. The Seattle market has demonstrated very strong demand for apartments that are close to the downtown core and these major institutions.
The demographics of the area are rapidly improving and Decibel is expected to benefit from the 12,000 employees working in the three nearby hospitals, the university and a 3 million square foot head office for Amazon.com located in downtown Seattle.
In 2013, the Seattle Housing Authority began the redevelopment of a nearby 30-acre parcel into a landmark mixed-use project. Click here to view the Seattle Housing Authority website.
Forty-year fixed-rate financing has been obtained under the U.S. Department of Housing and Urban Development’s (HUD) federally insured loan program.