Viewland
51 Newly Constructed Units in North Seattle with Attractive Assumable Loan
Marketing description
Viewland presents the opportunity to acquire a newly built, fully stabilized multifamily asset in the heart of North Seattle's Greenwood neighborhood. Located right along Greenwood Avenue, the property offers strong visibility, walkable access to neighborhood retail and dining, and public transit directly to Seattle's largest employers. Residents benefit from an urban infill location that combines accessibility with a community-oriented living experience.
The property includes a total of 51 units, offering a diverse unit mix not typically found in new construction assets in this market. Viewland's units average 645 SF, including a mix of studios, open one-bedroom units, traditional one-bedroom units, live/work, and two-bedroom units. This unit mix, combined with the property's infill location, positions Viewland to capture long-term demand from residents looking for urban accessibility while maintaining a neighborhood feel.
Viewland's participation in a long-term affordable housing initiative through Amazon's Housing Equity Fund supports the property's revenue profile while creating a compelling workforce housing investment opportunity through 60% and 80% AMI rent restrictions. Located in a North Seattle submarket that offers an affordable advantage compared to the greater Seattle metro, Viewland appeals to renters looking for realistic housing options in a great infill location close to transit, employment, and neighborhood amenities.
In addition to its affordable housing profile, Viewland generates monthly supplemental income from RUBS, parking, storage, and other sources giving investors the support of additional cash flow beyond just rental income.
Altogether, Viewland's regulated affordability structure, a strong unit mix, quality construction, and desirable amenities make this property a stable, demand-driven investment with steady occupancy and long-term upside.
Investment highlights
- New, High-Quality Construction: Completed in 2024 and now fully stabilized, Viewland offers 51 well-constructed residential units averaging 645 SF in North Seattle's Greenwood neighborhood. The unit mix includes eight studios, 36 one-bedroom units, three live/work units, and four two-bedroom/two-bath units.
- Amenity-Rich Offering: Community amenities include a rooftop deck and barbecue, private fitness room, and underground parking. In-unit amenities include eco-friendly stainless-steel appliances, walk-out balconies, quartz countertops, and custom cabinetry, premium features that offer a competitive advantage on leasing activity in a submarket supported by positive net absorption projected through 2026.
- Attractive Debt Available: Assumable $5 million loan available through Amazon with a 4% fixed interest rate, and full-term IO for 20 years remaining; structured debt options offer up to 82% LTV with a blended interest rate of ~4.6%.
- Tax Exemption Upside: Viewland provides a property tax exemption on improvements through participation in Amazon's affordable housing agreement, receiving a nearly 90% reduction in property taxes for the useful life of the asset (99 years).
- Rare Parking & Storage Advantage: Included are 24 secure underground parking spaces generating almost $40,000 annually in supplemental income, a rare and valuable amenity in an urban neighborhood with limited off-street parking. Viewland is the only post-2020 asset of this scale with attached parking within a one-mile radius.
- Convenient Transit Access: The property provides quick access to Highway 99 and I-5, easily connecting residents to Downtown Seattle, South Lake Union, the University District, and the Eastside. In addition to several nearby bus lines, this accessibility appeals to renters seeking convenient access to both employers and neighborhood amenities.
- Strong Historical Rent & Income Growth: King County's five-year AMI growth has maintained an average of 6.9% annually since 2020, correlating to maximum allowable LIHTC rent growth averaging 5.76% over the same span, significantly outpacing market rent growth in the region.
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