Morrow Complete & Lease-Up Rates Soar
The Morrow Apartments is a new, ground-up, mixed-use, apartment building in the Greenwood neighborhood of Seattle. The Rafn Company constructed the building in 24 months, including a pause for COVID, and achieved substantial completion in the middle of July. Designed by Baylis Architects, the building includes 141 market-rate housing units (including 4 townhouses) and over 4,300 square feet of retail space.
Lease-up of the residential units by Cushman Wakefield has exceeded the owner's and leasing agency's expectations. With 102 leases signed (72% of the available units) by the end of September, the lease-up rate has far surpassed their projection of 21%. Additionally, the "tour conversion ratio" (how many people take a tour through the building versus how many people sign a lease after the tour) of 60% is far above the 33% industry standard.
Photo credit: NorthWest Drone Works