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Footprint Greenwood
Sale Price: $5,300,000
For more information about this property, please contact the listing broker.
Please visit our Listings page to view apartment buildings and development land currently on the market.
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 Summary
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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About the Area
On the outskirts of what were once exclusively considered prime Seattle neighborhoods, North Seattle saw a rapid ascension as a prime investment market after 2012. Greenwood, a refreshingly eclectic and laid-back neighborhood within North Seattle, remains a perfect example of that growth.
In addition to private multifamily development, the City has identified Greenwood as a prime area for growth and investment. The Greenwood Town Center, located along 85th Street — the neighborhoods primary East-West corridor — has been approved for a rezone to Neighborhood Commercial 3, with an increased height limit from 40 to 65 feet. The re-zone will encourage future development and investment in the neighborhood, providing residents with additional amenities and making the area more pedestrian friendly.
Conveniently, Footprint Greenwood is located just across the street. As the area’s commercial attractions and community amenities continue to grow, Footprint residents have endless opportunities to shop, play, eat, and thrive.
Amidst the neighborhood’s exciting growth, Greenwood’s authentic Seattle spirit shines through. As the local chamber of commerce proudly proclaims, the neighborhood is “Just a little off center.” Less than two blocks from Footprint Greenwood, local shops, cafes, and restaurants line Greenwood Avenue, and nearby parks such as Greenwood Park and Sandel Park provide sunny green space for community gardens and playgrounds.
1 Minute
Walk to Fred Meyer
10 Minutes
Drive to future Northgate and Roosevelt light rail stations
23 Minutes
Bus ride to Downtown
7 Minutes
Bike ride to Green Lake
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Exclusive Listing Brokers
Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of Footprint Greenwood.
