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Footprint Eastlake
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
Investment 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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Footprint Eastlake
2371 Franklin Ave E
Seattle, WA 98102
Units: 35
Price: $4,700,000
About the Area
South Lake Union has been on the lips of investors since Amazon began to dominate the area, driving other big tech companies such as Facebook and Google to plant roots nearby. But what about the lake’s eastern shore?
The Eastlake neighborhood lies along the path of energy forged between the University of Washington and South Lake Union. The University’s exponential growth over the past decade — particularly in the engineering, computer science, and life sciences fields — is bolstered by the attention and investment from companies that call South Lake Union home.
Single-family homes, townhouses, and small multifamily communities — such as Footprint Eastlake — create a true neighborhood feel compared to the overwhelming new apartment buildings that dominate the neighboring South. Within blocks of Footprint Eastlake, pocket parks, water access, and the Cheshiahud Lake Union Loop create a sense of balance amidst the tech-fueled neighborhoods. The abundance of outdoor activities at your doorstep is a timeless draw for Pacific Northwesterners always looking for an escape.
A short walk, bike ride, or bus trip provides Footprint residents access to the city’s most active neighborhoods — from Wallingford to Downtown. Proximity to I-5, SR 520, the Capitol Hill Link Light Rail station, and the forthcoming U District Link Light Rail station ensures quick commutes to employment centers all around the Puget Sound Region.
8 Minute
Bike ride to the University of Washington
8 Minute
Bus ride to South Lake Union
6 Minute
Walk to water access on Lake Union
15 Minute
Bus ride to Capitol Hill
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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 the Footprint Portfolio.
