Ascentris and Kōz Stabilize Apartment Property in Seattle’s Thriving South Lake Union Market
Denver, CO (June 22, 2018) – Ascentris and Kōz Development announced today that Derby South Lake Union, a 47-unit apartment development located in Seattle’s South Lake Union, is now fully leased. The partnership broke ground on the property in February 2017 and completed construction in March 2018. The eight-story building has experienced significant leasing demand for its units averaging just 270 square feet and offering a 25% rent discount to other studios in the submarket. The property offers a unique combination of affordable rents in a Class A building and 100 WalkScore® location.
“We are very pleased to see Derby South Lake Union’s leasing success,” said Ascentris Vice President Denis Curran. “Given South Lake Union’s influx of luxury multifamily supply, we have long believed that the market would benefit from a property that can provide renters a significant value proposition,” added Mr. Curran.
Derby South Lake Union’s finishes and amenities have raised the standard for small-unit living. Studio units, which come furnished, feature floor-to-ceiling windows, 9’6” ceilings, fully-equipped kitchens, and significant tenant storage. The property features an expansive rooftop deck with views overlooking Lake Union including a fire pit and grills. Residents may also access a dog wash area, first-floor bike storage, and WiFi throughout the property. Derby South Lake Union is also one of the first properties in Seattle to partner with Amenify, providing tenants with convenient access to local amenities and lifestyle services including dog walking, fitness, in-unit cleaning, and ride-sharing.
“We are excited to expand our portfolio with Ascentris,” said Kōz Development Founder & CEO, Cathy Reines. She added, “As rents continue to climb, especially in Seattle, we will see this product type continue to gain attention. We are optimistic Derby South Lake Union will exceed our residents’ expectations for small-unit living.”
Washington-based Coast Property Management is responsible for the leasing and management of the property. Derby South Lake Union is the first of two small-unit projects on which Ascentris and Kōz have partnered. Derby Slabtown, located in Portland’s Northwest District, is under construction and expected to deliver in early 2019.
About Kōz Development
Kōz Development is a Washington-based apartment developer and operator who designs, develops and constructs housing in urban infill locations and student housing for universities in select markets across the United States. With 1,600 units in their current portfolio, their investment strategy is to provide affordable urban living to students and employees by constructing cost-effective housing options in high-quality buildings in close proximity to residents’ work or school, neighborhood amenities and public transit requiring little to no dependence on automobiles for transportation. For more information, visit www.kozdevelopment.com.