Vulcan Real Estate Acquires and Develops Mixed-Income Multifamily Development in Seattle

Stoel Rives represented Vulcan Real Estate in the acquisition and development of four new mixed-income, multifamily apartment buildings on a 1.8-acre site in Seattle, Washington. The projects include approximately 1,000 residential units and underground parking and will offer some 200 affordable housing units at 65% to 80% of area median income.

A Stoel Rives team led by partners Joseph Delaney and Emily Kelly helped Vulcan acquire the land, negotiate the leases, and obtain the financing for this large project.

Seattle-based Vulcan Real Estate directs all real estate investment activities for the Vale Group LLC, a Paul G. Allen company. Since 2000, Vulcan Real Estate has delivered $7.4 billion in assets in over 50 projects comprising more than 10 million square feet of commercial space and over 4,000 residential units. Additionally, its robust development pipeline consists of $2.8 billion of new commercial and multifamily projects in the Seattle and Eastside markets.