514 Federal Avenue East is a 58-unit apartment community located in Seattle, WA in the Capitol Hill neighborhood. This investment opportunity was shovel-ready, with all permits needed to start construction. In addition, we had a signed term sheet with a lender for very attractive terms, including high leverage (70% of the capital stack) at a (now very) low interest rate (3.32% fixed!). Construction commenced in July 2022 and is targeted to be completed by May 2024. We believe this well-located project, with a great unit mix and attractive financing, makes for a compelling long-term hold strategy. 514 Federal Ave East provides a unique opportunity to develop apartment homes in a ground zero location in a highly desirable and supply constraint submarket. The site benefits from one of Seattle’s highly desirable neighborhoods and is well-located in the Capitol Hill submarket, in the heart of a thriving and vibrant residential neighborhood, minutes from downtown, surrounded by amenities and boasting a Walk Score of 98 and a Transit Score of 76. The site is situated between the Broadway and 15th Ave E commercial strips and just north of the Pike/Pine corridor. Residents will be drawn to this building for the live, work, and play lifestyle as well as its proximity to Amazon HQ and other tech companies nearby (Apple, Google).