The development site at 323 Bellevue Ave E has walls emerging from the ground while what resembles the structure of a building is now visible.
The project at 323 Bellevue Ave E has officially crossed the concrete threshold as spring in Seattle sees Vekst Development's second project continue to progress.
This marks the first major step toward the reality of adding a new luxury apartment to the Capitol Hill neighborhood situated on Bellevue Ave E and E Thomas St.
Vekst Construction is the general contractor for the project at 323 Bellevue and aims to embody the Vekst Development values of operational stability, integrity, and efficacy in all things.
Vekst Development is pleased to announce that dirt work is finished after going extra rounds with rain and mud to see it through.
With the project at 323 Bellevue Vekst Development sets a new pace for expeditious operation and forward motion toward the goal of adding a carefully constructed apartment to Bellevue Ave E in April of 2020.
Residents of 323 will have a beautiful view of the Space Needle, easy access to the light rail 6 blocks away, and join a neighborhood budding with life in Capitol Hill.
Vekst Construction will complete the 5253 15th Ave NE project for less than $215 psf. In addition, Vekst Construction reports $2.4 million in revenue in its first year and has $9 million in the pipeline for 2019.
Notably, Vekst Development conducts $5.8 million in transactions during its first year of business. This is the pace that Vekst Development sets as it enters its year two with the guiding aim of producing eminently livable strong-yielding assets.
Both Vekst projects in 2018 were purchased with Master Use Permits secured allowing for construction to begin immediately.
To create value in every project, Vekst recalls its pillars of integrity, quality, and design with the end in mind.
As Thor Hatton, CEO of Vekst Development, says, in “Everything we do, [through every project] we’re trying to cement a legacy.”
Vekst Development purchased 323 Bellevue Ave E for $3.7 million with entitlements. The deal was finalized in December 2018 and will amount to a $25 million completed value.
323 Bellevue E is one of short list of infill projects on the northwest side of Capitol Hill overlooking downtown and Lake Union with walk score breaking 90. Noteworthy too are the amenities and retail venues in Capitol Hill less than a mile toward Broadway Street.
323 Bellevue Ave E is positioned well for city and professional life; the 43-unit apartment encapsulates the combination of luxury and affordability that Vekst Development strives to create in a City marked by increasing demand for highly livable apartment rentals.
This development is the prototypical type of building that Vekst Development seeks to put its energy behind.
The construction on 323 Bellevue Ave E is scheduled to take 14 months ending in April of 2020.
Vekst Development lists its professional team to include architect D/Arch, engineer Malsam Tsang, interior designer Clarke Barnes, and acquisition firm Carroll, Biddle, & Bilanko, specifically attorney Brandon Carroll.
Work progresses at a steady pace with siding wrapped up in November at 5253 15th Ave NE, a site Vekst Development multifamily project in the University District.
As the end of the 5253 project comes into view, Vekst Development is ready to apply lessons learned on its first project to activities on its next set of urban-infill projects.
Framing is now complete at 5253 15th Ave NE, a Vekst Development project taking form as it enters the second half of the construction schedule.
The 5253 Vekst Development project carries on apace with the vision of a beautiful 4-story midrise structure that will bring additional housing to a University District submarket with high demand for additional affordable housing. 5253 15th Ave NE is situated four blocks from the University of Washington, with a population of more than 30,000 staff and faculty as well as 45,000 students and rising.
"I stopped by the site today, the ground work looks fantastic, I was impressed with the clean work site. I look forward based on the success of this in doing more projects with your company, financing would not be a problem if I were to get involved at a higher level."
Vekst Development announces the completion of dirt work and ground works at 5253 15th Ave NE in March of 2018
Vekst Construction is the general contractor of the project at 5253 and has overseen operations by their sub contractors in lockstep to meet project’s schedule and budget.
From the beginning to end of each project, Vekst Development observes its commitment to quality construction practices through necessary attention to safety and high levels of communication. In the case of 5253, Vekst Construction oversees expedience in all dirt and ground work.
In January 2018 Vekst Development saw through the demolition of more than a century old structure at 5253 15th Ave NE in the first step toward in an estimated 18-month project timeline toward construction completion.
The 5253 lot previously housed one family and now has capacity for 28.
Vekst Development purchased 5253 15th Ave NE for $2.1 million MUPed (Master Use Permitted) & Shovel Ready. The completed value for the property is $8 million.
The 28-unit apartment in the University District will serve as a multifamily dwelling of compact studio apartments for an active neighborhood less than a mile from University of Washington, Seattle’s second largest employer of more than 30,000 people. 5253 15th Ave received a walk score of 95 as it presents students and professionals accessibility to an appealing lifestyle location in the University District’s full range of amenities with food, shopping, and entertainment options.
The general contractor for the project is Vekst Construction. Carroll, Biddle, & Bilanko is the acquisition attorney. The interior designer is Clark Barnes.
5253 is the first of many examples of what Vekst Development plans, development site that is attractive, high-yielding for investors while meeting the need of Seattle’s steadily growing population of students and professionals.