Investment Overview

The Seattle Investment Sales Team of IPA has been retained as the Exclusive Listing Brokers for the sale of Verse, a value-add investment opportunity located in a bustling neighborhood within one mile of the future Judkins Park Light Rail station with service beginning in 2025.

Verse presents an exciting opportunity to purchase a podium-built asset in Seattle's vibrant Central District neighborhood. Just minutes from the downtown core, the property boasts exceptional transportation connectivity. Additionally, Verse features a Walk Score of 93 and residents are only steps away from a plethora of retail and dining amenities, such as Amazon Fresh, Walgreens, Wood Shop BBQ, and Standard Brewing. A Chase Bank and a renowned premium fish market, Seattle Fish Guys, are also located within the building.

The community is comprised of two five-story residential towers on top of a podium base with a secured parking garage and surrounds a central courtyard. Verse displays some of the largest floor plans in an urban location, averaging ±852 square feet across all unit types.

Value-Add
investment opportunity

All but eight of the homes feature mostly original finishes such as birch cabinetry and laminate countertops offering an opportunity for a cosmetic renovation with potential for rent premiums of nearly $200 over in-place rents. Further common area enhancements could further increase value.

FUTURE LIGHT RAIL STATION
& WALKABILITY

Located within one mile of future Judkins Park Light Rail Station with service beginning in 2025. Judkins Park will be the first station offering service to the Eastside. With a Walk Score of 93, Verse is considered a "Walker's Paradise" and residents are steps away from great nightlife, a diverse culinary scene, shopping, and grocers.

UNIQUELY LARGE
FLOOR PLANS

Distinctive and spacious floor plans for an urban setting featuring studio,
one- and two-bedroom homes, with sizes spanning from ±649 to ±1,068
square feet. Top floor homes have 10’ ceilings and select homes have
large outdoor terraces or patios.

PRIME LOCATION TO EMPLOYERS

Verse provides convenient access to amenity and employment hubs such as the Seattle CBD, South Lake Union, Bellevue / The Eastside, and Renton, all within 15 minutes. Judkins Park Link Light Rail will provide transit options to downtown Seattle, the Eastside, and SEA International Airport.

STRONG RETAIL TENANT BASE

Long-term commercial tenants with a mix of strong national and local tenants.
JP Morgan Chase recently renewed their original 20 year lease for an
additional five years with two five-year options. Seattle Fish Guys opened
in 2016 and has been a local favorite since their grand opening.