Icon Apartments

JLL, as an exclusive advisor, is pleased to present the outstanding opportunity to acquire Icon Apartments, a premier institutional-quality apartment community located in Seattle’s close-in Pioneer Square neighborhood.

Built in 2016, Icon Apartments (the “Property”) consists of 120, open 1-bedroom, 1-bedroom, and 2-bedroom units, a host of exceptional community amenities, and 12,480 SF of retail space, located just steps away from the recently opened East Link extension at the International District light rail station. Icon represents the opportunity to acquire an asset at an appealing discount to replacement cost in a market with an upcoming supply cliff.

Residents at Icon Apartments benefit from outstanding proximity to key employment centers in downtown Seattle, South Lake Union, and most recently Bellevue, which is now connected via the East Link extension in under 20 minutes. In addition, residents are minutes away from the epicenter of Seattle’s healthcare sector on First Hill, anchored by Swedish Hospital, Virginia Mason, UW Medicine, and the Polyclinic.

Icon Apartments places residents at the doorstep of Seattle’s public transit hub and major highways. 300 feet from the Property, the International District Light Rail station connects residents to the East Link Light Rail Expansion, providing quick access to the Eastside. The enhanced public transportation amenities augment Pioneer Square’s access to key technology employers that are thriving on the Eastside. Located at the heart of a dynamic retail corridor with over 867,000 square feet of retail and entertainment in a 0.5-mile radius, Icon Apartments affords residents a modern urban lifestyle at a significant discount to the cost of rental housing in Seattle’s downtown core markets.

New ownership will also benefit from the Property’s participation in Seattle’s Multifamily Tax Exemption (“MFTE”) program. In exchange for maintaining 20% of units at affordable levels, ownership pays abated real estate taxes through at least 2028.