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September 19, 2016

Spectrum sells Anthem for $35M

By BRIAN MILLER
Journal staff reporter

Photo courtesy Spectrum [enlarge]
The six-story, 120-unit complex is at 103 12th Ave., near Yesler Terrace.

The Anthem apartments at 103 12th Ave. was completed last year by Spectrum Development Solutions and sold last week for $34.67 million, according to King County records.

The seller was an LLC associated with Spectrum and its financial partners Gracorp Capital Advisors and Bellwether Enterprise. The buyer was a limited partnership associated with CWS Capital Partners of Newport Beach, California. Spectrum has a share in that partnership.

Jeff Williams of Moran & Co. arranged the sale.

The Anthem was the first of three affordable housing projects Spectrum is building near Yesler Terrace, the 22-acre publicly owned site currently undergoing a massive redevelopment.

The six-story, 120-unit complex is just north of East Yesler Way. Anthem was designed by Mithun and built by Walsh, with Hewitt as landscape architect.

The project participated in the city's Multifamily Tax Exemption (MFTE) program. The workforce housing units are all restricted to varying levels of the area median income.

The complex meets LEED gold standards for energy use, said Spectrum's Jake McKinstry. He said the Anthem is 95 percent leased.

The site is on the new Capitol Hill streetcar line and the building has a low parking requirement: 47 stalls. But McKinstry said the bike parking area is “overflowing,” and about half of the residents have also requested an in-unit bike rack.

Nearby, Spectrum completed the Decibel apartments in July, and it is 95 percent leased. He said Reverb apartments is 30 percent pre-leased and set to open in October.

All three projects were done by the same design/build team.

Anthem is one of six national finalists for Urban Land Institute's Jack Kemp Excellence Award, which honors projects that create mixed-income communities.


 


Brian Miller can be reached by email at brian.miller@djc.com or by phone at (206) 219-6517.




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