Designed to meet an increasing demand for entry-level, for-sale housing in the Seattle metro, Magma Equities has completed its multimillion-dollar condominium conversion of a 52-residence community in Kirkland, WA.
The Slater offers a mix of studio, one- and two-bedroom floor plans with prices starting from $395,000. Each home, ranging in size from approximately 541 to 1,120 square feet, features stainless steel appliances, glass top stoves, full-sized washers and dryers, walk-in closets, floor-to-ceiling windows and luxury plank flooring.
The residence mix includes five homes permanently designated as affordable housing for residents earning less than 80 percent of the area’s median income. The median income in King County is $103,000, according to the Department of Housing and Urban Development. Prices for the affordable homes begin at $185,000.
The Federal National Mortgage Association (Fannie Mae) reports that there are more than 40,000 households in Seattle paying more than 50 percent of income on rent.
“Housing costs continue to consume a large percentage of wage earners’ income, especially in in Seattle, which is one of the most expensive housing markets in the United States,” said Ryan Hall, managing principal of El Segundo, CA-based Magma Equities. “With average asking rental rates approximately $2,100 per month, condo ownership at this price point can be a realistic and a more practical option for many renters. Interest rates are still at historic lows, and mortgage payments can be several hundred dollars a month less then rents for a comparable apartment. More importantly, housing costs will remain constant.”
There are currently 6,187 multifamily rental units under construction with an additional 9,433 in the pipeline in the Seattle metro, all of which are luxury, Class A product, according to a report by Polaris Pacific who represents the sales and marketing for the property on behalf of Magma Equities.
“While new construction is trying to keep up with demand, the fact is the new inventory is priced well out of the reach of most renters in the region, which is doing nothing to solve the housing affordability problem,” added Josh Nasvik, VP Regional Manager at Polaris Pacific in the firm’s Seattle office. “As a result, we are seeing an increase in condominium sales, especially in Kirkland where sales have substantially outpaced all the other Seattle submarkets in the past three months.”
Magma Equities and Polaris Pacific have entered into a strategic partnership with San Francisco-based home and lifestyle retailer Batch, for the design and curation of two model homes at The Slater, with the full assortment of furnishings available for purchase.
“We are thrilled to be a part of The Slater’s unique offering in the Seattle market,” said Lindsay Meyer, CEO and Co-Founder of Batch. “We believe this highly customized and shoppable approach to home staging not only helps to differentiate The Slater, but also meets the needs of a new generation of homebuyers who want easy access to beautiful furnishings and décor at an affordable price.”
Magma Equities acquired the property at 11415 Slater Avenue NE in October 2018. Originally built in 2010, the five-story building is amenitized with a fitness center, secured lobby, underground parking, club room, and courtyard with barbecue and lounge seating. The building opens for sale March 23, 2019, by appointment. To learn more or register for sales information, visit: TheSlaterKirkland.com.
