Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Orion, a 129-unit luxury apartment asset with more than 6,000 square feet of street-level retail space in the South Lake Union neighborhood of Seattle.
“One of the premier urban live-work-play neighborhoods in the United States, South Lake Union continues to attract new jobs, residents, retailers and visitors,” commented Giovanni Napoli, IPA senior managing director. “The neighborhood’s most significant employer is Amazon, which is expanding to nearly 14 million square feet and will have the capacity for 55,000 employees by 2020.” Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske represented the seller, Vulcan Real Estate, and procured the buyer, Belkorp Holdings.
Completed this year, Orion is on the same block as the new Amazon Unicorn building and within blocks of Facebook, Google, and Apple. The Allen Institute, Impinj Inc., the Bill & Melinda Gates Foundation, Microsoft’s gaming division, the global health organization PATH, and the University of Washington School of Medicine are all within a 10-minute walk of the building. A Microsoft Connector stop is around the corner, Seattle’s oldest park, Denny Park, is across the street and there are multiple grocers within a five-minute walk. The city’s central business district, waterfront, Seattle Center, Pike Place Market and the Queen Anne and Belltown neighborhoods are all nearby. The majority of Orion’s rentable retail space is occupied by Kaiser Permanente.