Washingtoner - LMC Announces Opening of Ovation in Seattle

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Two-tower Community Introduces 548 Luxury Homes on First Hill

SEATTLE, June 16, 2022 /PRNewswire/ -- LMC, a leader in apartment development and management, today announced the opening of Ovation, a luxury community in the heart of Seattle with outstanding views of Mount Rainier, the Cascade Mountains, Lake Union, and the city's skyline.

Situated at 702 and 704 Spring Street, Ovation is centrally located along the tree-lined streets of First Hill immediately adjacent to Town Hall, a performance hall and a cultural center for the city. Ovation, a two-tower luxury community features 548 apartment homes and penthouses, including 110 that participate in the Multifamily Tax Exemption (MFTE) program. Ovation is Seattle's first high-rise development to take part in MFTE helping to meet the housing needs of Seattle's middle-income population within the urban core. The towers bring twin "lit lantern" silhouettes to the city skyline but are unmistakably defined by their own distinct interior visions. Each tower features a curated local art collection to match its distinct style – one sleek and contemporary and the other classically refined. The property also offers residents a choice of six unique home design schemes to suite a variety of tastes and preferences.

"While Ovation is perhaps our most stunning community yet, I'm extremely proud of the constructive collaboration with our neighbors, stakeholders and partners throughout this experience," said Brad Reisinger, Division President for LMC in the Pacific Northwest. "In particular, we worked diligently with the Mayor's staff to make Ovation the first tower in Seattle to participate in the MFTE program. This means a much needed 110 homes will be set aside for middle income earners."

"QuadReal Property Group has been an instrumental partner in the development," Reisinger said. "Its team provides key insights with the benefit of a global residential portfolio of over 50,000 rental homes and the commitment to continue to provide timeless, high quality additions to housing that enhances the city."

Ovation offers walkable, bikeable and commuter-friendly living within blocks of Seattle's Central Business District, Capitol Hill and South Lake Union. A future Madison Bus Rapid Transit stop is under construction across the street, and light rail access is blocks away. The transit options put almost 300,000 jobs within a pedestrian commute, but the community is also adjacent to Interstate 5, with easy access to Eastside employers.

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The community consists of studio, one- and two-bedroom apartment homes, as well as one- and two-story penthouses and townhomes with private entries and balconies. Select residences feature cutting-edge Ori transformable furniture including Pocket Office, Pocket Studio, and Pocket Closet products. Apartment homes range from 381 to 2,052 square feet and feature floor-to-ceiling windows, most with power shades. Kitchens and baths come in six different design schemes, with quartz countertops and wood plank flooring. Kitchens are equipped with stainless-steel appliances and gas ranges.

All residents have access to an unparalleled amenity package, highlighted by an outdoor 31^st floor rooftop pool and spa, and an expansive fitness center that takes up a full floor, both located in the contemporary west tower. The classic east tower features an expansive rooftop deck with a tranquil "northwest beach" setting perfect for summertime dinners around the fire. Multiple conference rooms and co-working spaces also make up the east tower. Both towers offer rooftop terraces with fire pits and outdoor kitchens, as well as covered outdoor pet runs with adjoining pet spas.

Ovation includes an eight-floor underground parking structure equipped with 44 EV charging stations – the most of any apartment community in the region – with future-proof construction that will eventually allow for up to 110 EV parking stalls. The mixed-use property includes 6,883 square feet of retail space and shares the block with the renowned Town Hall culture and performance center.

"We at Town Hall Seattle are deeply excited to welcome Ovation to the neighborhood. From day one, we've had a respectful and productive collaboration with LMC on the possibilities of this block," said Wier Harman, Executive Director of Town Hall. "Visitors to this corner of First Hill will see a dramatically changed neighborhood, with new amenities for residents and Town Hall attendees alike."

Ovation is positioned at the cultural crossroads of the city and within a short walk, residents will find theaters, symphony and museums. Sports fans have pedestrian or easy transit access to home games for the Seahawks, Sounders, Kraken and Mariners. The world-famous Pike Place Market and the annual three-day Capitol Hill Block Party music festival are all minutes away, and residents can stock up at the PCC Grocery a mere three blocks away.

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Debt financing is from Wells Fargo. Other members of the team include JTM Construction as general contractor and Perkins + Will as architect. MG2 was the interior designer, DCI as structural engineer, and PFS as landscape architect. NineDot Arts curated the art collection and McCullough Hill Leary was the land use attorney. The community will be managed directly by LMC.

Ovation is LMC's seventh completed community in the Seattle Metro Area, joining Atlas, Whittaker, Valdok, Axle, Twenty20 Mad, and The Bower. LMC currently has two communities (Spectra and Piper) under construction in Marymoor and has begun early utility undergrounding work on its 194-home Crown Hill development.

About LMC

LMC is a multifamily real estate development and operating company with a diverse portfolio of institutional quality multifamily rental communities across the United States. LMC has a 42,00-home pipeline of communities ranging from operating to under pre-development that exceeds $16.8 billion of high-rise, mid-rise and garden apartments.

LMC creates extraordinary communities where people can live remarkably.
www.LiveLMC.com

About QuadReal Property Group

QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total $67.1 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest. QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.

QuadReal: Excellence lives here.

www.quadreal.com

Media Contact
Marlena DeFalco
LinnellTaylor Marketing
303-682-3943
[email protected]

SOURCE LMC

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