Site: 6600 Carleton Ave S, Seattle, WA 98108
StoryBuilt is pleased to offer the opportunity to invest up to $3,500,000 of limited partner equity to fund the development of a new 19-unit development located in Seattle’s Georgetown neighborhood. The units will be comprised of 14 row-houses and 5 flats as accessory dwelling units (ADU). All units will be sold as condos. The site is located approximately 4 miles south of downtown Seattle. Investors will receive a 12% fixed preferred return, annualized, based on an anticipated 18-24 month duration period.
Historic Georgetown’s resurgence has made it home to numerous breweries, art galleries, bars and has become a top destination for Seattle foodies. Residents of the Georgetown Row will be a short ten-minute walk to Airport Way retail corridor, which is home to several of Georgetown’s most loved attractions. Homes will range from 405 SF ground floor flats to 1,792 SF homes with prices from the high $200’s for ADU’s to high $700’s for larger row-houses.
The project is located less than five miles south of downtown Seattle providing commute times of approximately 15 minutes by car or 30 minutes by bus. This location is an ideal location for young professionals working in the city and wanting a to live in a hip and vibrant urban setting while maintaining a reasonable budget. This family-oriented community is characterized by its masterplan that offers large, shared amenity and gathering spaces between homes. The variety of floor plans and sizes are designed to appeal to broad base of prospective buyers. Each home is designated with 2 covered or enclosed parking spaces.
Georgetown’s industrial history and land use regulations have created significant constraints around large scale residential development in Georgetown. As a result, new residential development has been limited to single family houses and townhouses. With only 0.6 months of housing supply on the market and significant constraints around large scale development the Project is poised to benefit from its position in the market with little competition.