Offering Summary

Overview

4400 Alaska is a 38-unit multifamily community located in the heart of West Seattle’s most popular neighborhood, The Junction. 4400 Alaska was constructed in 2016 and features condo-quality finishes throughout. The exterior of the building blends with the eclectic vibe of the neighborhood with mixed materials such as Ipe wood accents and glass and metal awnings.

Residents of 4400 enjoy sweeping views of the Puget Sound and Olympic Mountains from select units and the rooftop community deck. Boasting a WalkScore of 94, residents are just steps away from some of the best nightlife, trendy eateries, and boutique shopping that West Seattle has to offer.

Executive Highlights

  • 38 apartment homes
  • ±1,546 SF of street level retail space: 100% leased
  • Located in the heart of The Junction: coveted retail hub with ultra-hip businesses
  • T.O.D. Development: West Seattle approved Light Rail Station located across the street; service beginning 2030
  • High barrier-to-entry location: lack of available multifamily land
  • Built in 2016: best in class construction & high-end finishes
  • Excellent amenities package including rooftop deck with BBQ and fire pit, bike storage, and parking garage
  • Sweeping views of the Seattle skyline, Puget Sound, & Olympic Mountains from common areas & select homes
  • Two blocks from West Seattle’s year-round Sunday farmer’s market
  • Within blocks to some of West Seattle’s best restaurants, retailers, and nightlife
  • Three miles to Alki Beach: Seattle’s most popular waterfront park
  • Quick commutes to major employers with multiple transit options: Amazon, Boeing, Facebook, Gates Foundation, Port of Seattle, Starbucks, Twitter
  • Assigned elementary school rated 10 out of 10 by GreatSchools.org

walk score

94

Walk Score
average income

$122,211

Est Avg Household Income by 2022
vacancy rate

3.7%

Submarket Vacancy Rate

Community Amenities

  • Elegant lobby with controlled access entry
  • Rooftop deck with 180° views of Seattle skyline, Puget Sound, and Olympic Mountains
  • Outdoor BBQ station with dining space
  • Modern glass fire pit with lounge seating
  • P-patch gardens
  • Secured bike storage and storage lockers available for lease
  • Controlled access parking garage

Apartment Home Amenities

  • Well laid-out, open floorplans featuring studio, open one-bedroom, one-bedroom, and live / work homes
  • Custom flat panel cabinetry with brushed nickel hardware
  • Slab quartz countertops with undermount sinks
  • Balconies in select homes
  • Full gourmet stainless steel appliance packages
  • Luxury vinyl plank flooring throughout
  • Built-in USB ports and operable energy efficient windows
  • Sliding glass dividers in select homes
  • In-unit washer / dryer in most homes

Market Overview

50-Yard Line Location

  • Located in The Junction: ultra-hip businesses and unique culture
  • Exceptional location for outdoor enthusiasts: Alki Beach, Lincoln Park within minutes
  • Walkscore of 94: Walker’s Paradise
  • 5 minute walk to Safeway, QFC, Trader Joe’s grocers, and future Whole Foods
  • 5 minutes from PCC Community Markets
  • 8 minutes from Metropolitan Market
  • 10 minutes from Alki Beach
  • 10 minutes from Lincoln Park
  • 10 minutes from South Seattle Community College
  • 12 minutes from Pioneer Square High-tech corridor
  • 15 minutes from downtown Seattle
  • 15 minutes to Amazon’s World Headquarters
  • Half a mile from assigned Genesee Hill Elementary School: GreatSchools.org rating of 10
  • Within one mile from assigned Madison Middle School: GreatSchools.org rating of 8
  • Numerous dining, retail and grocery amenities within blocks

#1 City in U.S.
to find a job

Wallet Hub, 2015

#1 Fastest
growing big-city

US Census Bureau

#2 top city
for tech jobs

Geekwire, 2016

Strong Regional Fundamentals - Greater Seattle Area

  • Seattle MSA ranked second best apartment market in the nation
  • Tri-County rents grew 6.9% in 2016, 7.2% in King County
  • Puget Sound added 61,300 new jobs in 2016, another 49,800 projected for 2017
  • 138,600 new jobs projected from 2017 – 2021 in Puget Sound region
  • Puget Sound employment grew 3.1% in 2016 compared to national average of 1.8%
  • Seattle ranked #4 in the nation for businesses and careers in 2016 by Forbes
  • Seattle MSA ranked #3 on Glassdoor’s Best Cities for Tech Jobs based on employment and salary growth
  • Seattle MSA ranked #1 for STEM job concentration in the nation, #3 in STEM job growth
  • Seattle ranked top ten city in Tech and STEM job growth over the past decade at 58% and 37%, respectively
  • Personal incomes for Puget Sound grew 9% over the past two years combined
  • Puget Sound Regional Council projects 4.9% personal income growth in 2017
  • Every five new jobs creates one net new renter; projected 27,720 net new renters between 2017 - 2021 for Puget Sound
  • 4.6% population growth forecasted from 2017 - 2021 for Puget Sound

Location

West Seattle

West Seattle is a vibrant neighborhood located just five miles southwest of Downtown Seattle, to the west of the Duwamish River. The area is made up of several neighborhoods, large parks, and beachfront with views of the Seattle skyline and the Olympic and Cascade Mountains. In addition to appealing to downtown professionals, West Seattle attracts residents that work in the southend at employers such as Starbucks, Alaska Airlines, and Boeing’s 737 plant.

Alki Point in West Seattle is considered to be the founding point of Seattle, before downtown was moved to its current location. Each year, the summer regional, month-long Seafair celebration commences with a reenactment at Alki Beach that commemorates the landing of the original explorers in 1851.

West Seattle is also home to a year-round Sunday farmer’s market. The West Seattle Farmer’s Market features produce and offerings from over 35 Washington State farmers and local food processors.

The Junction

4400 Alaska is located in the heart of West Seattle’s Junction neighborhood. The cross streets of California Avenue SW and SW Alaska Street are considered “The Junction.” This intersection and surrounding area is host to a myriad of restaurants, cafes, and unique shops. The Junction is an eclectic mix of early twentieth century Craftsman-style homes and new modern apartment complexes. A variety of events take place around The Junction, from monthly art walks to open-mic nights, beer and wine tastings, and seasonal events.

With a WalkScore of 94, The Junction is considered a “Walker’s Paradise”. Less than half a mile from the West Seattle Bridge, The Junction is also convenient to Downtown Seattle employers and amenities.

Admiral District

The Admiral neighborhood of West Seattle is located at the northernmost point of the West Seattle peninsula. Admiral successfully combines a beautiful residential area with ultra-hip businesses and unique culture. The main arterials in Admiral are California Avenue and Admiral Way where residents can enjoy eclectic shops, boutique eateries, and the historic Admiral Theatre. Popular destinations include Metropolitan Market, PCC Community Markets, Hiawatha Park, The Swinery, Prost!, and Luciano’s. The Admiral neighborhood hosts their own events like clean-up days, outdoor concerts, community forums, and art walks.

The Triangle

4400 Alaska is located one half mile from West Seattle’s Triangle neighborhood, the popular area is bisected by 35th Avenue SW, SW Alaska Street, and Fauntleroy Way. This triangular shaped neighborhood is a part of the West Seattle Junction “urban village,” which has been a hub for redevelopment and growth in the area. There are several nearby restaurants and amenities, and numerous transportation options, such as King County Metro bus routes, the RapidRide bus network, Washington State Ferries, and the West Seattle Water Taxi.

West Seattle #1 for Tech Transplants

Recently named most popular neighborhood in the nation for techies fleeing CA (Seattle Times)

Employers

Employment Growth Drivers

  • Downtown Seattle adding an average of 25 new jobs per day since 2010: nearly 300,000 jobs
  • 4.1 million square feet of office space under construction in Seattle CBD; 47% pre-leased
  • Amazon’s World Headquarters in Seattle currently expanding to over 13 million SF by 2022: capacity for 72,000 employees
  • Amazon’s growth has turned Seattle into the biggest company town in America
  • Over 100 tech companies have engineering offices in Seattle with large concentration in Pioneer Square
  • Google expanding to 607,000 SF South Lake Union campus by 2019
  • Facebook added 2,000 employees in 2016 at their new SLU location; Seattle footprint of nearly 1 million SF
  • Bill & Melinda Gates Foundation: most significant global health organization in the world; current endowment of $40.3 billion
  • South Lake Union has become a life science employment hub and is one of the fastest growing centers in the nation

Amazon

Founded by Jeff Bezos in 1994, Amazon is the global leader in e-commerce and cloud computing with their world headquarters in Seattle. Amazon’s cloud computing services are among the largest in the world, serving everyone from small companies to large corporations and government agencies. In 2015, Amazon surpassed Walmart as the most valuable retailer in the U.S. by market capitalization. Amazon is the largest internet company in the world and the fourth most valuable public company in the world. Additionally, Amazon is the eighth largest employer in the United States.

Amazon’s Headquarters

In December 2012, Amazon purchased three city blocks from the Clise Family in the Denny Triangle along Westlake Avenue, between Sixth Avenue and Blanchard, for $207.5 million. The site is now home to their 3.3 million square foot expansion including three office towers as tall as 38 floors, a 40,000 square foot auditorium, an Awareness Garden, and a neighborhood walking/jogging trail. The first two phases; 1.1 million square feet each, have already opened. The final 1.1 million square foot phase is expected for occupancy next year.

Amazon recently exercised an option to purchase another half block from the Clise Family for $19.2 million at 2205 Seventh Avenue, just across the street from their 3.3 million square foot expansion. Amazon’s headquarters in Seattle’s South Lake Union neighborhood has grown to include over 13 million square feet of leased and owned real estate with full occupancy expected by 2022.

Boeing

Just 15 minutes north of the Property sits Boeing’s Everett Factory, Boeing continues to produce the 737 out of their Renton Factory, which is still the bestselling commercial aircraft in the world. Boeing was also awarded the Navy’s Multi-mission Maritime Aircraft contract and will build what is projected to be 300 of the new submarine hunters at the Renton plant. Boeing employs nearly 12,000 workers out of its Renton location and remains the largest employer in Kent, which is home to over 10,000 employees and three of the aerospace giant’s six major business divisions: Boeing Commercial Airplanes, Boeing Capital Corporation, and the Shared Services Group.

Boeing also produces the new 737 MAX out of its Renton plant which is the fastest selling airplane in Boeing’s history. With its first delivery completed in May 2017, the new airplane already has over 3,800 orders.

Boeing has gone on a building spree for its Next-Generation 737, recently increasing its production rate from 42 planes per month up to 48 planes as of July 2017. Boeing previously announced plans to produce up to 52 planes per month by 2018. Boeing delivered a record high 762 airplanes in 2015 and currently has over 5,700 orders for commercial airliners.

Boeing Field

King County International Airport, also known as Boeing Field, is less than 15 minutes south of 4400 Alaska. The airport is just south of Georgetown and extends further south into Tukwila with a total of 594 acres. Boeing Field is one of the busiest primary non-hub airports in the country and supports over 5,200 direct jobs. The airport serves small commercial passenger airlines, cargo carriers, private aircraft owners, helicopters, corporate jets, military, and other aircraft.

Boeing currently has operations at the airport, including final preparations for 737’s, flight test facilities, and a paint hangar.

Swedish — West Seattle

Swedish Medical Center offers a primary care clinic in West Seattle, just one mile north of 4400 Alaska. The Swedish West Seattle Primary Care clinic offers several services, ranging from family medicine to minor surgical procedures.

Swedish Medical Center is an established regional health care provider, operating in the Seattle area for over 100 years. They are also the largest nonprofit health provider in the Greater Seattle region, with five hospitals throughout the area, specialty care and emergency rooms in Redmond and Mill Creek, over 100 primary care and specialty clinics that comprise the Swedish Medical Group, and relationships with suburban hospitals and physician groups.

Starbucks

Starbucks got its start in 1971 at Pike Place Market in downtown Seattle with the intention of being a world-wide coffee roaster and retailer with the best coffee on the market. 45 years later, Starbucks is still operating their Pike Place Market storefront in addition to over 26,700 locations around the world and is the best-known coffeehouse chain globally. Starbucks’ corporate headquarters is located only 10 minutes from 4400 Alaska in Seattle’s SoDo neighborhood.

In October 2015, Starbucks hired its first Chief Technology Officer to lead their technology team. The company has been growing their technology team which is based out of the Seattle headquarters ever since. As of July 2017, 9% of U.S. purchases were made on customer’s mobile phones using the Starbucks app, up 50% from last year. Approximately 3,500 people work at Starbucks’ Corporate office with approximately 1,000 in technology development.


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