Pick your passion: modern or vintage at Belroy Apartments

The Seattle Rental Group relocation team recently had a chance to tour the beautiful, nearly-completed Belroy Apartments up on Capitol Hill.

Slated for February 2013 move-ins, the Belroy has combined modernity with vintage Capitol Hill style by developing two unique yet complimentary buildings.

The original 1930s-era Belroy Apartments are being fully renovated with its historic Art Deco design aesthetic in mind, while additional surrounding structures are being built to feature more contemporary, urban apartment homes.

Lush landscaping will weave throughout the project, with a network of gardens for residents to enjoy.

The modern apartment homes have giant floor-to-ceiling windows, washers and dryers in the units, bamboo and tile flooring, and energy-saving appliances.  The vintage Belroy apartment homes will have bay windows, large closets, classic detailing and hardwoods.

Combined, the Belroy will offer 113 apartment homes – 51 in the modern building, and 62 in the vintage building.  Square footages range from 350 sq ft studios to 1200 sq ft townhomes (yes! townhomes!).

Some of the ground level homes will even have their own garden patio, while the upper floors in the tallest building (six stories) will have stunning views across Lake Union and the city.  Pets will be allowed in some units, and underground parking is being built.

Another added perk to life at Belroy? Deliciously awesome Spanish food will be right downstairs – Chico Madrid is slated to open its doors in Belroy’s commercial space around springtime.

Belroy’s currently pre-leasing, and we think they’ll fill up fast.

So which style fits your personality – modern or vintage?  Check out their website or Facebook page, or let us know if you’d like to visit them during your rental tour!

Gen "Y" Outnumbers Baby Boomers
When It Comes To Rentals

The so-called “Echo Boomers” (also known as Gen Y and Millennials) not only take the award for Most Nicknames, but have now surpassed the baby boomers as the largest group of apartment dwellers.

Echo boomers stay single longer, and tend to favor smaller, in-city dwellings.

Own a condo rental?  Here’s what Millennials look for in order of preference:

1. Value for price (the top factor for millennials – versus Location as the #1 factor for baby boomers)
2. Fitness facilities
3. Parking
4. Outdoor pools
5. Central Wi-Fi

Wi-Fi access is moving up the ranks in popularity and is becoming more “expected” as an amenity option.

And although value for price is a priority, that doesn’t mean this generation is cheap.  (Just take a look at Inc.com’s 30 Under 30 and you’ll see there’s plenty of bright, wealthy entrepreneurs out there.)

Expect to see more of these young renters coming through the pipelines!

Olive 8 condos up for auction, as low as $160K

Olive 8 will be the next Seattle condo building to hit the auction block, and the prices look incredible.

The event will happen on Sunday September 19th, and starting bids on 1 bedrooms are as low as $160,000!  There are 34 units up for grabs out of the 228-unit project.

Amenities at the sustainable condo-hotel include a pool, fitness center, yoga studio, room service, housekeeping services, 24-hour concierge, a dog run and more.

There’s more information available at their Auction Info Office, open every day from 11AM to 6PM at the property in unit 2702.

Click here to see a full list of the units available with pricing!

Vacancy rates drop slightly for the first time in 3 years

The Wall Street Journal is reporting that apartment vacancy rates fell just a bit in the 2nd quarter of this year nation-wide — down to 7.8%:

The national apartment vacancy rate stood at 7.8% at the end of June, according to Reis Inc., a New York real-estate research firm. That was down from the 8% vacancy rate during the first quarter, which was the highest vacancy rate in 30 years.

It’s just a slight increase, but it’s good news for property owners. Why is this happening right now?  One of the key reasons is that we’re not adding as many new apartments as we used to:

The lack of financing for new apartment construction over the past two years has constrained the pipeline of new supply that should hit the market in the next two years. The apartment sector, which added between 100,000 and 150,000 units annually over the past decade, is on pace to deliver just 60,000 units in 2011 and 2012, according to Marcus & Millichap.

As our job market keeps getting better, it shouldn’t be too long before rental rates start climbing back up!

Useful real estate and leasing links

Linkroll time — here’s a list of our blogs and sites that you should know about:

8 Fremont townhomes snatched up for $2,500,000

The Puget Sound Business Journal is reporting that Gramor Development Washington has bought 11,800SF in the 4300 block of Linden Ave — eight townhomes — for $2.5 million:

“The lender and guarantor were looking for an exit strategy and we were able to negotiate terms and close this transaction in a handful of days,” said Kelly Baker, acquisitions manager for Gramor Development, in a statement.

The project is located just a few blocks from our offices, so we’ll be watching it with interest.  Read more at bizjournals.com.

Fremont town homes sell for $2.5M

Puget Sound Business Journal (Seattle)

Gramor Development photo
Gramor Development paid $2.52 million for this townhome project in Fremont.

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A Seattle buyer of distressed properties said it’s purchased another: an eight-unit, town home complex in Seattle’s Fremont neighborhood for $2.5 million.

Gramor Development Washington said it bought the 11,800-square-foot development in the 4300 block of Linden Avenue North from the project’s lender, Viking Bank, and the project’s developer and guarantor, Seattle Signature Homes.

“The lender and guarantor were looking for an exit strategy and we were able to negotiate terms and close this transaction in a handful of days,” said Kelly Baker, acquisitions manager for Gramor Development, in a statement.

In February, Gramor bought another distressed Seattle property — at the site of the former Twin Teepees restaurant in Seattle’s Green Lake neighborhood.