SOURCE: Urban Partners, LLC

Urban Partners, LLC

May 29, 2012 12:05 ET

Urban Partners, LLC, Completes Stabilization of Iconic Aspira Property

LOS ANGELES, CA--(Marketwire - May 29, 2012) - Urban Partners, LLC, a premier West Coast real estate planning, investment, development and management firm, confirms that the 37-story vertical community, Aspira Apartments, is fully-leased, making Aspira one of the highest-valued Class A core assets in Downtown Seattle. Located in the dynamic South Lake Union neighborhood and a short walk from shopping, public transit and other urban amenities, Aspira has successfully leased 100% of its retail and nearly all of its 325 apartment homes.

The mixed-use development, equipped with 6,038 square feet of retail space, earned the New Development of the Year Award from Washington Multi-Family Housing Association, the top award given to developments built in 2007, or newer, for its upgraded amenities package and luxury apartment services. In addition to gaining recognition for its state-of-the-art features, Aspira is also the first project in downtown Seattle to receive the 4-Star Built Green rating for high rise buildings, making it one of Seattle's most sustainable communities.

"The two-year-old development was almost built as condos. However, the discipline of the capital markets saved Aspira," said Matt Burton, a principal at Urban Partners. "Urban Partners' development partners were uncomfortable with condos, this ultimately shifted the development strategy to the success that Aspira is today."

The first building of its kind in Seattle, the tower features an array of sustainable features to provide electric car recharging stations in its resident-only parking garage. Designed to give residents a contemporary, sustainable urban experience, Aspira features clean lines, high ceilings, wall-to-wall windows and views of Seattle's skyline and the surrounding Cascade and Olympic Mountain ranges. The building's 22 unique floor plans come equipped with operable windows and central air conditioning throughout the property and over 40% of the residences are corner units with decks or outdoor terraces.

Aspira's 17,000-square-foot, resident-only 11th floor, named the "E Level," features a fully-equipped fitness area and adjoining yoga studio, a state-of-the-art media room and a large, furnished community room, connected to an outdoor terrace.

About Urban Partners, LLC
Urban Partners is a full service real estate planning, investment, development and management firm. Company headquarters are in the historic Bradbury Building in downtown Los Angeles. The company pursues select market niches where complexity or innovation creates exceptional potential for its partners and clients. Urban Partners' expertise in urban infill development has allowed the firm proprietary deal flow and excellent opportunities for its partners. With highly-specialized expertise in urban entitlement processes, complex financial structures and alternative construction methods, Urban Partners identifies unique opportunities resulting in competitive quality and marketing advantages and superior financial performance.
www.urbanpartnersllc.com

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