Elan 41

JLL, as an exclusive advisor, is pleased to present the outstanding opportunity to acquire Elan 41, an apartment community with large floor plans in the heart of West Seattle.

Built in 1987 and renovated in 2015, Elan 41 (“the Property”) consists of 78 one bedroom, one bedroom loft, two bedroom one bathroom, and two bedroom two bathroom units along with a host of exceptional community amenities including a 24-hour fully-equipped fitness center, brand new outdoor grilling and BBQ stations, firepit lounge, community courtyard, and newly renovated luxury clubhouse. In-unit features include stainless steel appliances, kitchen islands, granite countertops in the kitchen and bathroom, wood-style flooring, in-unit washer/dryer, and lofted ceilings. New ownership will have the opportunity to execute a light value-add program through the addition of AC port installation, modern cabinet fronts, updated light fixtures, a refreshed paint scheme, a technology package, undermount bathroom sinks, and replacement of carpet with LVP in bedrooms. At an average of 903 SF, Elan 41’s large floor plans offer a genuine home substitute at a significant discount to homeownership. Centrally located in a highly desirable West Seattle Junction submarket, Elan 41’s convenient location provides tenants with access to major employers in Downtown Seattle and South Lake Union in just 15 minutes. Elan 41 offers residents a rare combination of urban vibrancy and neighborhood charm. The area’s thriving retail and entertainment scene, proximity to the bustling Junction corridor, and easy access to the waterfront at Alki Beach create a highly desirable lifestyle that consistently attracts and retains quality tenants. Elan 41 is situated within Jefferson Square, placing residents steps from one of West Seattle’s primary retail and grocery destinations.

With a 96 walk score, new ownership will step into a well-located, grocery anchored asset that benefits from an affluent tenant base, with a median household income of $127K within a 1-mile radius of the property. With no 75+ unit deliveries since 2021 and nothing under construction, West Seattle represents one of the tightest supply environments in the Seattle MSA — a direct tailwind for rent growth and value-add execution.