Investment Summary

Site: 1.3 Acre Site
5244 Rainier Ave. S, Seattle, WA 98118

Felix North and South, when combined, will complete StoryBuilt’s second urban village. Felix North will consist of an 84-unit efficiency apartment and 133-unit condominium, located at the northern half of the masterplan. The products are well sized to capture renters and buyers who are priced out by urban core markets but still desire accessibility of transit and neighborhood community.

Felix is an ode to one of Seattle’s most diverse and eclectic sub-markets just four miles south of Downtown Seattle. Columbia City, one of the region’s few light rail-served neighborhoods, is one of the most sought-after areas for commuters and frequent travelers. Residents who live at this community will enjoy a short 10-minute walk to the light rail station, and a quick 15-minute train ride to Downtown, South Lake Union and SeaTac Airport.

Felix North is positioned to fill a hole in the market by providing attainable housing in an established Seattle neighborhood. Our approach is to offer a diverse mix of home types to urban dwellers looking for an alternative to the core without sacrificing the amenities they’ve come to expect. This community is designed with shared outdoor spaces at the ground and roof as well as an abundant private terraces and decks. Amenities inside the building offer opportunities for co-working, exercise, lounge areas and ample storage.

Market Highlights

The 98118 zip code area has one of the most diverse demographics in Seattle. Its transit connectivity and proximity to major employment has resulted in rapid increasing population and income levels. This community is expected to gain 1.45% population growth and 3.05% per capital income growth annually in the next 5 years, outpacing to Puget Sound region’s average 1.1% and 2% respectively.

In the South Seattle market, approximately 86.5% of new apartments are sized as one-bedroom and above, which leaves a market opportunity for efficiency units at a lower price point. On the for-sale side, there are limited options available to buyers exposing a functional gap Felix intends to fill.

Columbia City is best known for its vibrant neighborhood center which is home to a historical movie theater, bars, bakeries, international restaurants, year-round concert venues, and locally owned retail shops. Nearby Genesee and Seward Parks are two of the most popular and highly rated public parks in Seattle.

Columbia City has one of the highest walking scores in Seattle at 93. This is due in part to its thriving pedestrian-friendly, neighborhood core and proximity to the Sound Transits’ Central Link light rail station. By 2021, the Link light rail network will extend as far north as Northgate Mall, and by 2023, as far east as Bellevue and Redmond.

OFFERING SIZE
$6,700,000

MINIMUM INVESTMENT
$100,000

SUITABILITY STANDARDS
Accredited Investors

TERMS
12% Fixed Preferred Return Annualized
18-24 Months

TYPE OF INVESTMENT
Acquisition & Pre-Development

ENTITLEMENT + PERMIT UPDATES