PCP Voyager, LLC (PCP) has contracted for the purchase of two contiguous land parcels containing approximately 22,551 sf of land area in the city of Seattle’s Capitol Hill neighborhood, widely recognized as Seattle’s premier urban residential area.  Closing is scheduled for mid-October 2026.  The land is zoned for residential use and PCP has planned a best-in-class 8-story, 172-unit apartment community on the site.  PCP has begun the entitlement process and has made its first land use submittal, which is the pre-submittal meeting application.

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The property contains two parcels and is improved currently with 1) a Goodwill store and 2) a 4-unit apartment building.  The Goodwill lease extends through majority of the estimated pre-construction period, with monthly base rent of approximately $38,000 per month plus NNN costs.  Additionally, the excess parking is managed by Diamond Parking through a month-to-month lease adding approximately $3,000 per month.  The 4 apartments are occupied and are expected to generate approximately $3,000 in net operating income.  The in-place rental income stream is expected to greatly offset the land loan interest during the land hold and pre-construction period.

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PCP has conducted extensive due diligence on the parcel, with no significant findings noted that would limit or otherwise change its development plan.  Seattle’s entitlement process consists of two primary paths – the Master Use Permit process and the building permit process.  The Master Use Permit process (“MUP”) is the more stringent process with all of the project’s key details being approved therein, and is expected to take about 18 months for full approval.  During the MUP process all zoning, civil and exterior design factors are reviewed and approved.  The Building Permit process is largely a code review process and typically is not as lengthy in nature (6-8 months).  Both processes can run concurrently if desired.  Due to Seattle’s very detailed codes, the prescriptive process and historical experience in the Seattle entitlement process, PCP expects that the currently conceived process will be approved in a generally similar form.

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PCP’s development strategy is intended to take advantage of the improving Seattle economy at a time where construction starts have dropped over 80% below the historical high mark.  The project’s location is walking distance to Seattle’s downtown, the world-class medical campus, Seattle University and the Sound Transit light rail, which connects to the University of Washington and the Eastside, where Microsoft, Meta and Amazon’s Bellevue campus are located.  The product, consistent with PCP’s strategy, will be designed to a best-in-class community in a premier location, yielding excellent returns to its investors.