iconic high-rise apartments in the heart of seattle | 371 Units + retail
Investment Overview
The Seattle Investment Sales Team of IPA has been retained as the exclusive listing brokers for the sale of Skye, an iconic 371-unit apartment community with ±13,300 square feet of ground floor retail centrally located in the Denny Triangle at the convergence of Seattle’s most popular neighborhoods: South Lake Union, Lower Queen Anne, and Belltown.
Occupying a full city block in the shadow of the Space Needle, Skye offers a core, institutional asset just steps away from Amazon’s World Headquarters and other notable employers, including Apple, Fred Hutch, Google, and Meta. Boasting a Walk Score of 97 and a Transit Score of 99, Skye is just steps from Seattle Center and some of the city’s most popular coffee shops, restaurants, and bars.
Skye has undergone significant renovations over the last decade, offering all the modern amenities expected in today’s rental market. Current ownership has invested nearly $13 million in building upgrades, elevator retrofits, and common area improvements. Additionally, all units were upgraded between 2014 and 2016 with new cabinets, quartz countertops, tile backsplashes, new flooring, and upgraded fixtures.
Executive Highlights
Renovated Community
Current ownership has invested nearly $13 million in building upgrades and renovations in recent years, including elevator retrofits, common area improvements, and the addition of modern amenities. All units have been updated since 2016 with new cabinets, countertops, vinyl plank flooring, and upgraded fixtures.
Light Value-Add Opportunity
All units primed for light cosmetic upgrades in order to maximize rents. Suggested renovations include technology packages, upgraded appliances, and new roller shades on all windows. Additional enhancements can be done to common areas and hallways to further add value.
Prime Location + Ideal Walkability
Located within walking distance of Seattle’s largest employers including Amazon’s World HQ, Google, Meta, and more. With a Walk Score of 97 and Transit Score of 99, residents are blocks away from Seattle Center, Climate Pledge Arena, Pike Place Market, and some of the city’s most popular dining and entertainment venues.
Attractive Demographics
Skye is located in one of the strongest submarkets of Seattle. Resident at Skye have an average household income of $132,070 and work for high-profile area employers including Amazon, Apple, Microsoft, Meta, The Gates Foundation, and more.
Discount to Replacement Costs
Priced well below replacement cost. High barrier-to-entry submarket due to lack of available land, City of Seattle development process, and rising construction costs.
Assumable Financing
Existing Freddie Mac loan can be assumed by an incoming buyer. Full-term interest-only loan at 2.51% maturing August 31, 2027.
community amenities
Expansive club room with entertaining kitchen, multiple seating and dining areas, TVs, and billiards table
Fully equipped gym with cardio machines and free weights
Private rooftop terrace with unobstructed views of the Space Needle and city skyline with lush landscaping and walking trails
Covered BBQ area with al fresco dining, fireplaces, outdoor TV, and adjacent firepit
Fenced pet park
State-of-the-art laundry facility
Amazon HUB lockers on site
Storage lockers available for lease
Indoor bike storage
Controlled access parking garage
apartment home Features
Studio, one-, and two-bedroom homes averaging ±646 square feet
Unique floor plans featuring two living rooms in select homes
Quartz countertops with undermount sinks and tile backsplashes in all homes
Stainless steel or black appliances in all homes
Floating bathroom vanities with custom cabinetry
Subway tile bathtub surrounds
Ample storage space with entryway closets, kitchen pantries, and linen closets in most homes
Walk in closets in select homes
Vinyl plank flooring in living areas with carpeted bedrooms
Expansive views of Elliott Bay, downtown Seattle and the Space Needle from most homes
