February 25, 2022

Urban Visions sells downtown apartment tower for $293M

Photo by Benjamin Minnick [enlarge]

The 39-story West Edge apartment tower is at the corner of Second Avenue and Pike Street.

King County on Tuesday recorded the $293 million sale of the West Edge apartment tower at 1430 Second Ave. in Seattle, and Greg Smith of Urban Visions verified that on Thursday.

Urban Visions and Mitsui Fudosan America partnered on the project, which is 39 stories with 340 apartment units and 7,000 square feet of ground floor retail. The grantee of the sale was PR 1430 Second LLC, which was newly listed with the state last month and has the same New Jersey address as PGIM Real Estate.

A representative from PGIM didn't respond to an inquiry by deadline.

West Edge opened in 2018 a block from Pike Place Market. Urban Visions' website calls it a luxury apartment tower with amenities such as unobstructed water and city views, an outdoor dog walk area, a fitness club on the roof level, and a 5,000-square-foot “sky bar” on the eighth floor. The roof level also has entertainment suites, a private dining/conference room, fireside library and partitioned wraparound deck. The lobby has a seven-story atrium that is open to the elements, displaying a Japanese maple tree.

Floor plans range from one-bedroom, one-bathroom units of 509 square feet to three-bedroom, three-bath penthouses of 2,703 square feet. Penthouses have air-conditioning, floor-to-ceiling windows, gas fireplaces, and wine refrigerators. Lease rates were not posted.

Tom Kundig of Olson Kundig was the design architect, Ankrom Moisan Architects was the architect of record, and Magnusson Klemencic Associates was the structural and civil engineer. Sellen Construction Co. was the general contractor.

PGIM has been active in several projects in the Seattle area. It is partnering with Capstone Partners on an office building at 305 108th Ave. N.E. in Bellevue that has yet to start construction. And, the DJC reported in December that an LLC associated with the company paid $85 million for the fairly new 166-unit Marvelle at Southcenter senior housing project at 411 Baker Blvd. in Tukwila. Prior to that, in September, the company sold a pair of apartment buildings on Capitol Hill and First Hill for $68.4 million to American Capital Group of Bellevue.