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May 29, 2017

Lake Union Partners Acquires $23M MidTown Center

Multi-Housing News

Adina Marcut

Kidder Mathews, an independently owned commercial real estate firm on the West Coast, closed the $23.3 million sale of MidTown Center, a property that occupies a full city block in Seattle. Jason Rosauer, senior vice president & partner and Rob Anderson, vice president & partner, represented the seller, MidTown LP. Lake Union Partners, a local real estate development firm specializing in residential mixed-use and commercial projects in urban markets, purchased the property.

Located on a major intersection at 23rd Ave. and East Union Street in the Capitol Hill neighborhood of Seattle, Midtown Center is situated between major employment hubs, South Lake Union and Capital Hill and various residential communities. Lake Union Partners plans to team up with Forterra to develop the site with consideration to the existing community, residential affordability and sustainability.

The company plans to include approximately 520 to 555 apartments, of which half of the units will be dedicated to affordable housing. Additionally, a ground level retail space will be available.

"In structuring this successful transaction, it was important to the sellers to address all components of a typical land sale like pricing, design, entitlements, and timing. However, another key component to this deal was to identify a buyer with a deep understanding of the community, the history of the neighborhood, and Seattle's future," Jason Rosauer said in prepared remarks.

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