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January 23, 2018

Intracorp gets $68.5M for Zig apartments

Journal Staff Reporter

Rendering by NK Architects [enlarge]
The new streetcar line runs directly in front of the Zig.

Intracorp has sold the new Zig apartments at 550 Broadway for $68.5 million, according to King County records. Intracorp acquired the First Hill property in 2014 for $7.5 million, and developed it.

The buyer was Greystar of Charleston, South Carolina.

Both parties used LLCs. David Young and Corey Marx of JLL brokered the deal.

Zig has 170 units, 85 underground parking stalls and about 5,000 square feet of commercial space. The six-story building was completed last fall. Total size, including the parking, is about 150,000 square feet. Amenities include a rooftop deck with outdoor kitchen, a club room, fitness center and bike storage.

NK Architects designed Zig, and Exxel Pacific built it. The site, at the corner of James Street, is walkable to Seattle University and all the nearby medical campuses. The new streetcar line also runs past the building on Broadway.

Separately, the privately held Intracorp is planning 185 units at 1405 Dexter Ave. N., also with NK Architects; 319 units on the Acme Poultry site at 1029 S. Jackson St. in the International District, using architect Tiscareno Associates; and an undetermined number of units on the 2.3-acre Rainier Mall site at 4208 Rainier Ave. S. in the Rainier Valley.

Intracorp is also planning Ravenna 88, with 87 townhouses to be built on the 3.6-acre former University Trailer Park site at Northeast 88th Street and Lake City Way Northeast.

Privately held Greystar is the country's fifth largest multifamily developer and largest multifamily manager. It owns or manages a national portfolio of 425,000 units, which it values at $21 billion. It is currently building 420 units in two buildings at 425 Fairview Ave. N., in South Lake Union. Nearby, it is planning 374 units at 200 Eighth Ave. N., the present site of Seattle Unity Church. The company is also listed on early plans for 205 units on the Travelodge site west of University Village, at 4715 25th Ave. N.E.