March 1, 2022

Paceline, with 221 Shoreline units, sold for $90M

Photo by Jim Houston Photography [enlarge]

The development is across the street from Carter Subaru, with a Trader Joe’s a few steps away.

The fairly new Paceline Apartments, at 17202 Aurora Ave. N. in Shoreline, traded last week for just over $90.2 million, according to King County records. The seller was Shoreline Investors LLC, associated with Trent Development and partner Rush Cos., which acquired the land in 2015 for over $4.1 million, then developed it.

The buyer was KW-G Shoreline LLC, which is associated with Kennedy Wilson, a regular presence in our market.

Brokers were not announced. The deal was worth about $408,371 per unit. Public records indicate the assumption of a $49 million Fannie Mae loan, which was secured by M&T Realty capital.

Completed in late 2018, the six-story, 221-unit Paceline was designed by Clark Barnes and built by Rush. The latter valued the project at $35 million. There is no commercial space; there are about 211 parking stalls, both below grade and structured.

Rents aren't detailed on the Paceline leasing site; some are affordable under the city's multifamily tax exemption program (MFTE). Amenities include a rooftop lounge with kitchen, terrace lounge, pet lounge, dog run, bike storage, gym and community herb garden.

The Paceline team also included Ram Engineering, civil; CT Engineering, structural; Abossein Engineering, mechanical; Associated Earth Sciences, geotechnical engineer; and Edison47, property manager.

Trent is currently building the 361-unit Ember in Lynnwood (also designed by Clark Barnes) and, also with Rush as contractor, the 368-unit Rook in Tacoma. Its 268-unit Tapestry is also under construction near Yesler Terrace; Clark Barnes is again the architect there.