U-District's First New Apartment Building in 2012 Set to Open; The Schuster Group Completes 100-Unit Mixed-Use Project on 'The Ave'

SEATTLE, Oct. 30, 2012 /PRNewswire/ -- The Schuster Group announced today it is set to open Muriel's Landing, a 67,000 sq. ft. mixed-use project in the heart of Seattle's University District. Located mere blocks from the University of Washington on University Way and 52nd St., the seven story building includes 100 residential homes and 7,000 square feet of ground-level retail.

Muriel's Landing and its leasing center open the first week of November. Some homes have already been pre-leased and the retail is nearly half leased.

"New construction right on The Ave is extremely rare and we're confident the location of this project will put it in high demand with students and professionals in the neighborhood," said The Schuster Group's Chief Operating Officer Mark T. Walsh. "The timing couldn't be better for a residential project of this size and quality in the University District."

In many instances, homes at Muriel's Landing are more affordable than student housing at the University of Washington, with homes ranging from $1,001 - $1,800 (average rent: $1,350).

'Green' Amenities, Free High Speed Internet Included at Muriel's Landing
Certified Built Green 4-star, Muriel's Landing includes a number of unique green amenities and features, such as electric vehicle charging stations and a private bike storage room. Included in the price of rent is use of the building's 700 sq. ft. fully-outfitted fitness facility, and use of a 750 sq. ft. rooftop deck with its picturesque views of downtown Seattle.

In addition, every resident receives free high speed internet in their home, an annual saving of more than $600/yr. Also, many studio homes at Muriel's Landing were designed with a Murphy bed to maximize resident living space.

The Muriel's Landing Advantage: Streamlined Leasing, Increased Affordability
Unique to the standard leasing process in Seattle, Muriel's Landing offers a complete online leasing experience. Interested applicants can browse by floor and home, look at each floor plan and its corresponding views and pricing, and apply and sign a lease online.

"Leasing should be an easy, enjoyable process," Walsh said. "We've put a lot of thought into our approach to leasing for Muriel's Landing, with specific consideration of students' and professionals' busy schedules."

In addition, Muriel's Landing is participating in the City of Seattle's multi-family tax exemption program, which requires twenty percent of the homes be priced for median income earning individuals. This program allows for very affordable living options at Muriel's Landing. Studio homes participating in the program are only $1,001/mo and one-bedroom homes are $1,320/mo. There are a limited number of homes available at this price point and participation is first come, first serve for approved applicants.

For information about leasing opportunities, visit www.murielslanding.com.

About The Schuster Group
The Schuster Group is a real estate investment, development and merchant banking firm headquartered in Seattle, Washington. With projects around the Puget Sound Region the firm's experience extends across a wide array of product types including retail, office, mixed-use, and multi-family. For more than 20 years The Schuster Group has repeatedly demonstrated its commitment to developing and managing quality real estate investments. Garnering national recognition as an award-winning developer, the Schuster name has become synonymous with a distinguished reputation of delivering dynamic environments through their commitment to sustainability, assured quality, and innovation. For more information, visit www.theschustergroup.com

SOURCE The Schuster Group