SEATTLE, WA – Funds managed by Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the acquisition of Zig Apartments, the groundbreaking new, 170-unit, core asset. The property also includes 5,018 square feet of retail space.

Completed in the summer of 2017 with a full amenity package and luxury finishes, the asset is extremely well-located at 550 Broadway in Seattle’s First Hill neighborhood, offering Class A living with immediate access to the city’s burgeoning tech hub and a vibrant mix of shopping, dining and entertainment options.

“Zig Apartments offers Greystar a rare opportunity to buy a best-in-class multifamily asset in the strategic gateway market of Seattle. The property will greatly benefit from the city’s robust employment growth and resulting positive rental trends,” said Kevin Kaberna, Executive Director and leader of Greystar’s US Investment platform. “This core plus acquisition is indicative of Greystar’s continued commitment to acquiring core assets in up-and-coming areas of gateway markets where we can deliver maximum returns and outstanding value to our investors.”

Seattle leads the country in year-over-year job growth and has reached a record high of nearly 1.7 million jobs. For the past seven years, an average of nearly 61,000 jobs have been added to the market annually. The asset’s location at the heart of First Hill, the city’s foremost medical community, and adjacent to the Central Business District (CBD), South Lake Union and Capitol Hill neighborhoods uniquely positions it to capitalize on this continued growth. With an address on Broadway, one of the most transit connected street in Seattle, Zig earns a Transit Score of 100 and Walk Score of 97.

As the nation’s largest apartment operator, Greystar currently owns 2,206 units in the Seattle Metro Area and manages 21,186 additional units in the region.

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ANN ARBOR, MI – SmartStop Asset Management announced that certain of its affiliates have bought 411 Lofts, a 90 unit, 345-bed purpose-built student housing community located three blocks from the University of Michigan in Ann Arbor for $43.8 million. 

“We are very pleased to complete the acquisition of this Class ‘A’, institutional-quality student housing property located near one of the largest and most prestigious research universities in the country,” said H. Michael Schwartz, chief executive officer of SmartStop. “The property is a best-in-class, purpose-built community with brilliant amenities and floor plans that SmartStop seeks when acquiring student housing.”

A 10-tale building, 411 Lofts is comprised of fully furnished one-, two-, three- and four-bedroom units ranging in size from 400 square feet to 1,187 square feet. The property features security controlled access to units and bedrooms and underground parking. Additional amenities include a 24-hour fitness facility; 10th floor resident sky lounge; a computer center with iMacs, PCs and printers; study rooms; free common area washers and dryers; 500 Mbps Internet bandwidth with Wi-Fi hot spots; onsite restaurants; and a tanning room.

The property is currently 98 percent occupied for the 2017 – 2018 academic year and is 53 percent pre-leased for the 2018 – 2019 academic year. The community will be professionally managed by Asset Campus Housing, one of the nation’s premier third-party student housing managers.

“The 411 Lofts student housing community is the complete package – a full amenity set, with attractive floor plans all within a small walk of the University of Michigan’s central campus,” said John Strockis, senior vice president of acquisitions for SmartStop. “Given its current rent structure, 411 Lofts represents one of the best price/value student living accommodations in downtown Ann Arbor.”

Constructed in 2009, 411 Lofts is a five-minute walk from The Diag, the University of Michigan’s open space in the middle of its central campus, which the university reports to be one of its busiest sites. The property is one block from State Street District, which features several shops and restaurants, and approximately one mile from Michigan Stadium, the largest football stadium in the United States with a seating capacity of more than 107,000 and home to the University of Michigan Wolverines football team.

The University of Michigan has more than 575,000 alumni worldwide and an enrollment size of approximately 46,000 students as of the fall of 2017. The school also has nearly 30 NCAA Division 1 intercollegiate men’s and women’s sports teams. In 2017, the University of Michigan was ranked third on Money Magazine‘s list of Best Colleges For Your Money, fourth on Forbes‘s list of Top 25 Public Colleges In The U.S., and first on U.S. News & World Report‘s list of Best Social Work Programs.

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AUSTIN, TX – Fifth & West Residences recently commemorated the pouring of its 39th and final floor. As Austin’s only luxury tower to deliver in 2018, this iconic triangular-shaped residential project is a bold collaboration between the developer, Riverside Resources, GDA Architects, Michael Hsu Office of Architecture, and The Carlyle Group. 

Fifth & West will change the concept of downtown luxury living. The building’s iconic triangular shape provides unparalleled 315-degree panoramas made possible by the cherished Capitol View Corridor. This exciting addition to downtown Austin is quickly approaching 70% capacity by offering exclusive low density (154 residences) structure that has no attachment to hotel, retail or business spaces. It boasts yoga and fitness studios, 24-hour concierge service, the largest pet amenity space of any downtown luxury condominium and the most 3-bedroom residences of comparable luxury condos with units that average 2,489 sq. ft. 

“Our purchasers are thrilled with the topping out milestone,” says Niki Piersall, Vice President of McWilliams Ballard, which handles the sales for the project. “Touring owners and prospective buyers through the building allows them to take in expansive Hill Country and downtown views and get immersed in the only groundbreaking new luxury downtown condominium that will be go-in ready this year.” 

“Leaning a high-rise residence strongly in the direction of the homeowner,” was the guiding principle of Michael Hsu Office of Architecture for the tower’s interior design. Spaces were designed to encourage a closeness among neighbors when they want it, but also a distance and anonymity if desired. With a nod to the natural landscapes of Austin, materials were chosen for their richness; gorgeous woodwork, brass details, marble walls, quartz countertops and white oak flooring. Available for viewing this spring, the unfurnished two-bedroom model with Italkraft cabinetry, chef-appointed Miele appliances, and Savant home automation brings to bear the quality and craftsmanship that can be seen in each spacious residence. Furnished models designed by Michael Hsu Office of Architecture and Claire Zinnecker Design are slated for viewing starting in summer 2018.

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