CBRE Brokers $104 Million Sale of South Lake Union Multifamily Community

CBRE arranged the sale of 624 Yale, a 206-unit luxury apartment community, to a confidential buyer for $104 million. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto with CBRE’s Pacific Northwest multifamily team represented the seller.

Located in South Lake Union, 624 Yale was built in 2018. The nine-story building was designed with concrete and steel construction and has studio, one-bedroom and two-bedroom floorplans with an average unit size of 711 sq. ft., as well as fitness, work and meeting amenities. The property also has a hidden speakeasy lounge and two rooftop terraces with panoramic views of the Seattle skyline and Lake Union.

“The property’s central location to high-paying employers, abundant entertainment options, and outdoor amenities at Lake Union made 624 Yale an attractive investment option. The property’s high-rise quality of construction also offered a rare opportunity to acquire an asset at a significant discount to replacement cost,” said Kyle Yamamoto, first vice president at CBRE.

624 Yale is steps from Lake Union and approximately five minutes from downtown Seattle. The property is within walking distance to several large tech and life sciences employers, restaurants, and fitness studios.