SEATTLE — Jones Lang LaSalle’s Capital Markets experts today announced the sale of 206 Bell, a new 122-unit apartment community in Seattle’s Belltown neighborhood. Invesco Real Estate purchased the property, which opened in June and was developed by HB Management.
Jones Lang LaSalle’s Managing Director David Young and Senior Vice Presidents Corey Marx and Seth Heikkila led the team on this transaction.
“This property will prove to be a tremendous purchase,” Young said. “It’s located in the heart of Seattle’s booming job market, and it features the environmentally friendly design and offers the urban lifestyle so in demand from apartment residents in the Pacific Northwest.”
The LEED-certified 206 Bell offers studio, one- and two-bedroom units. Designed to maximize natural daylight, it features views of the Seattle skyline and Puget Sound. 206 Bell also is located within walking distance of public transit; dozens of eateries; and the offices of such major employers as Amazon, Twitter, Facebook, Google and the Bill and Melinda Gates Foundation, among others. The property has a Walk Score of 98 and a Transit Score of 100, both out of a possible 100. Amenities include high-end finishes; an open-concept community room complete with dining and entertainment areas; an expansive 24-hour fitness center; a large rooftop deck with expansive views, ample landscaping and grilling area; charging stations for electric cars; high-speed elevators; and complimentary Wi-Fi.
Belltown’s 206 Bell is located in a strong employment and apartment market. Seattle’s unemployment rate is only 4.4 percent, and the multifamily vacancy rate for the Belltown submarket is just 3.8 percent. The average household income in Belltown exceeds $83,000.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.