West Seattle development: Another newer building sold – Nova

July 23, 2013 at 6:11 pm | In Development, West Seattle housing, West Seattle news | 1 Comment

6:11 PM TUESDAY: Earlier today, we reported that The Residences at 3295, a 60-apartment mixed-use project completed last year at 35th/Avalon, is up for sale. This afternoon, WSB has learned that another building finished in 2012, Nova Apartments (WSB sponsor) at 4600 36th SW in The Triangle, has a new owner. Nova was the last West Seattle holding for Harbor Urban, which sold Mural in The Junction and Link in The Triangle last year, both built by Harbor Properties before its merger with Urban Partners last year. County records show the $17.5 million purchase closed today for Nova, an all-residential 62-unit, 36-parking-space building that started leasing last September. The new owner is Sea Apartment 1 LLC, which so far traces to a New York City-based LLC listed in state records here as ZREC.

ADDED WEDNESDAY MORNING, 9:09 AM: The formal announcement of the sale, just received:

Jim Sepic and Harbor Urban LLC announced today that they have sold the 5-story, 62-unit Nova for $17,592,778. A transit oriented project development located in the Fauntleroy Triangle of West Seattle. The project team included Runberg Architecture Group and Compass Construction and Coughlin Porter Lundeen.

“Nova was thoughtfully designed for the pedestrian-oriented business district of West Seattle,” said Jim Atkins, managing director of Harbor Urban. “It was planned with the character of the local neighborhood in mind which is why we did not include retail space – we want to support the existing businesses.”

“We are looking to do more transit oriented, neighborhood character projects like Nova,” continued Atkins. These are not cookie-cutter projects – they take time and thoughtful design which also requires raising capital. The sale of Nova is an opportunity to do more community specific projects in the future.”

“Nova is a locally inspired project that I was proud to be bring to the market place,” said Jim Sepic. “West Seattle is an established Seattle community with pockets of unique and wonderful neighborhoods. After the recession, we were one of the first to break ground on a new residential project and I am glad to see that others are now following suit and creating more opportunities for people to live in this great Seattle community.”

Developed as a joint partnership between Jim Sepic and Harbor Urban LLC, Nova is a 6-story residential building with 62-units and comprised of 51,346 square feet of residential space and zero square feet of retail space.

1 Comment

  1. and this is the first project, in early design review, that I can recall learning about the new city code of “zero parking required” on a “transit corridor”, and at that time of 1st EDG, didn’t they plan only 6 parking spots? do you remember what month/year that was TR? oh so much has happened since then, and with every new project announced, people are still shocked/unaware of the zero parking rule

    Comment by Diane — 12:55 pm July 24, 2013 #

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