The Lenora

Moran & Company is pleased to announce that it has been retained as the exclusive listing agent for the sale of The Lenora, a 107-unit, mid-rise apartment community, located in Downtown Seattle, with 7,400 sq. ft. of ground floor retail and two levels of underground parking.

Investment Highlights

• The Lenora is located in Downtown Seattle, in the highly desirable neighborhood of Belltown, just blocks from the heart of Seattle’s Central Business District; Washington’s largest employment center supplying more than 250,000 jobs.
• Built in 2000, The Lenora represents an opportunity to acquire a core property in a Class-A, urban location.
• Belltown is a vibrant urban neighborhood with an abundance of upscale restaurants, boutiques, cultural venues, parks, including the new Olympic Sculpture Park on the waterfront, and a dynamic nightlife.
• Located less than one mile from The Lenora, Amazon.com has begun occupying its new corporate headquarters in South Lake Union that will total over two million sq. ft.
• The Lenora contains approximately 7,400 sq. ft. of fully leased, ground floor retail space, to three tenants, featuring Starbucks Coffee.
• The Belltown submarket has a low vacancy rate of 4.6% according to the April 2010 Dupre + Scott Apartment Vacancy Report.
• There are currently no apartment projects under construction in Belltown.
• A recent forecast by the Urban Land Institute and PriceWaterhouseCoopers gave Seattle the fourth-highest “buy” rating for apartments.
• The apartments are master leased to the Art Institute of Seattle, which is owned by Education Management Corporation (Nasdaq: EDMC); one of the largest providers of post-secondary education with 97 locations in North America and a market capitalization over $3 billion.