Ascent South Lake Union & Marlowe

JLL, as exclusive advisor, is pleased to present the opportunity to acquire Ascent South Lake Union and Marlowe (the “Properties”), an adjacent high‑rise and mid‑rise residential portfolio totaling 432 units in the heart of Seattle’s primary employment engine, South Lake Union.

Ascent South Lake Union, delivered in 2018, is a 25-story high-rise featuring 251 spacious residential units averaging 932 square feet, robust amenity space, 1,994 square feet of 100% leased ground-floor retail, and 228 parking stalls.

Marlowe, delivered in 2019, is a complementary mid‑rise community featuring 181 residential units, ample amenity spaces, 5,311 square feet of 100% leased ground-floor retail, 113 parking stalls.

The Properties place residents at the center of Seattle’s most dynamic and connected neighborhood. South Lake Union offers an unmatched urban lifestyle where residents live within Seattle’s booming tech hub and are surrounded by 5 million square feet of retail, dining, and entertainment. Seattle’s most vibrant neighborhoods are accessible in all directions in under a 10-minute drive, including charming Queen Anne, Capitol Hill’s nightlife and culture, eclectic Fremont, and Climate Pledge Arena for world-class entertainment. Residents enjoy direct waterfront access at Lake Union Park, where kayak and paddleboard rentals offer unique urban recreation, while the Burke-Gilman Trail sits just an 8-minute walk away, providing a 20-mile urban path for running, walking, and biking along the lake. With a 99-walkability score, the Property attracts Seattle’s youngest, most affluent renters, creating a thriving community of high-wage professionals in the city’s premier live-work-play environment.

Ascent and Marlowe attract affluent renters by delivering amenities and finishes that rank among the best Seattle has to offer. Delivered in 2018 and 2019, both properties feature luxury-grade interiors, with Ascent offering dramatic Space Needle, Elliott Bay, and 360-degree cityscape views from its high-rise position. Notably, every Ascent residence includes full central air conditioning while Marlowe features AC-ready ports—a significant competitive advantage in a market where climate control remains rare.

The Properties are strategically positioned at the center of the Pacific Northwest’s densest employment cluster and South Lake Union’s innovation ecosystem. Amazon’s 12+ million square foot headquarters anchors the submarket with nearly 50,000 employees within a half-mile radius, alongside major tech presences from Google and Meta. The Properties benefit directly from Amazon’s January 2025 five-day return-to-office mandate, which has driven South Lake Union worker foot traffic to 90.7% of 2019 levels. The submarket has evolved into Seattle’s premier innovation district, with life sciences leaders including the Allen Institute, Fred Hutchinson Cancer Center, and the Bill & Melinda Gates Foundation creating a critical mass of high-wage professionals seeking walkable, amenitized housing. Downtown Seattle’s 341,000-employee base is also minutes away.

Ascent and Marlowe offer convenient access to the Eastside’s largest employment drivers, including Microsoft’s Redmond headquarters, Amazon’s expanding Bellevue campus, Meta’s Reality Labs facilities, along with expanding AI companies. The Properties afford residents the opportunity to live in the lively South Lake Union while maintaining a quick commute to growing employers on the Eastside.

The Properties immediate proximity to Seattle’s major employers and differentiated living experience has attracted affluent renters with a median household income of $246K at Ascent SLU and $174K at Marlowe equating to a favorable rent-to-income ratio of only 18% at Ascent SLU and 20% at Marlowe.