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Footprint Cal Park
Executive Summary
Footprint Apartments were the brainchild of the late Jim Potter. Jim was the first pioneer of micro-living in Seattle, informed by a career spent developing affordable, urban-located housing. Jim’s concept was simple: to offer affordable and efficient housing ideally located in phenomenal urban neighborhoods sought by many, yet not affordable by all. In response to the Great Recession, Jim delivered his first Micro Apartment development in 2009. The Footprint Portfolio was certainly the greatest expression of micro-living and the culmination of Jim’s four-decade commitment to offering affordable housing to urban dwellers in the Puget Sound region.
Each Footprint property contained studio units with access to common kitchens and resident amenities. Studio units, with their own convenience centers, were serviced by a common kitchen. Units were efficiently designed, maximizing utility and space while minimizing rental costs to residents. The signature expression of Footprint buildings was excellent and durable building design, efficient floor plates and floor plans, and strategic location in Seattle’s best urban neighborhoods. As Jim put it, “Your neighborhood is your amenity!”
Property Details
Sale Details
Opportunity
Footprint Portfolio buildings are located in Seattle’s most desirable urban neighborhoods, offering investors access to coveted and timeless locations. Residents have every benefit of neighboring apartment units that are double and triple the cost, yet can live an equal lifestyle efficiently and economically.
Financial returns on Footprint Portfolio buildings are well in excess of any other core-located, urban multifamily investment in the market. On a percentage basis, rental rate growth will best any other apartment investment in the market. New construction, ideal locations and protected financial performance create a true arbitrage opportunity.
Seattle building code changes in 2015 prevent any other developer from replicating the Footprint Portfolio formula. The Footprint Portfolio provides a price-point monopoly with no time horizon – a truly once-in-a-lifetime opportunity!
Location
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About the Area
Footprint Cal Park is aptly named for its adjacency to Cal Anderson Park, the outdoor hub of central Capitol Hill (particularly when the sun comes out). Right in the middle of the action, the bustling Pike/Pine Corridor, Seattle University, the Capitol Hill Link Light Rail station, and Seattle Central College, are all within four blocks of Footprint Cal Park.
Footprint Cal Park’s astounding view of downtown Seattle is an undeniable testament to residents’ proximity to more than 100,000 jobs just in the Central Business District — an incredible draw for 25 percent of residents in professional and residential positions in the region. And with the East Link Light Rail expansion opening for service in 2021, those who work on the Eastside (at Microsoft, AT&T, and other major companies) do not have to sacrifice urban living on Capitol Hill for a traffic-free commute.
Foodies, mixologists, and coffee-addicts alike are right at home in Footprint Cal Park, with more than 100 restaurants, bars, and coffee shops (not just Starbucks) within a 10-minute walk. From retail to recreation, convenience to culture, Capitol Hill creates endless opportunities for residents.
5 Minute
Walk to Link Light Rail station
2 Minute
Light Rail ride to Downtown
4 Minute
Light Rail ride to University of Washington
10 Minute
Bike ride to South Lake Union
7 Minute
Walk to Safeway
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Exclusive Listing Brokers
Colliers International WA LLC is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of Footprint Cal Park.
