Lease Rates at Three SLU Apartment Buildings Reflect Strong Rental Market
In September, 2012, I blogged about how demolition on a stretch of Dexter Ave in South Lake Union was making way for a third apartment complex in as many blocks. We wondered then whether the market would absorb all 672 new units in the three buildings.
Today, I can say I should have asked a different question: Should the developer, Holland Partner Group, built even more units on the three sites? That’s because True North and its 286 units, which open for occupancy this Friday, are already 58% leased, according to leasing manager Jessica Dorsey. We toured True North yesterday and it’s a pretty awesome building, packed with amenities such as a bouldering wall. Here is our review with 24 additional photos.
The fact that True North is more than half rented already is impressive by itself. But consider that Union, its slightly older sibling to the north, and Hue, the middle child to the south, are both 95% leased, according to Kate Suski, a development associate at Holland Partner Group.
These new apartments aren’t exactly cheap. They range from $2.75 to $3.50 per square feet. The strong lease ups at the three buildings reflect the strong demand for apartments or at least new apartments.
When asked to describe the residents who are renting or inquiring about a unit, Dorsey, not surprisingly, said she is seeing a lot of “tech industry people” and many who are in their 20’s (Thank you Amazon). While there are many who don’t work downtown, Dorsey said a lot of the new residents work in South Lake Union.