Home Finance Blue Fern Homes Buys 80-Unit Apartment Building in Seattle’s University District for...

Blue Fern Homes Buys 80-Unit Apartment Building in Seattle’s University District for $24MM 

Seattle, Blue Fern Homes, Gibraltar Homes, Redmond, University of Washington, Burke Gilman Trail, Cromwell Crossings, Shoreline

By Catherine Sweeney 

In the last several months, Seattle has seen a significant number of multifamily properties trade hands. In a transaction that closed on July 12 but only just recently recorded, Blue Fern Homes acquired the 80-unit University Manor apartments in Seattle’s University District for $24 million, or about $300,000 per unit. According to King County public records, the seller in the transaction is an entity that shares an address with Redmond-based Gibraltar Properties.

The property located at 1305 NE 43rd Street, offers a mix of studio to two-bedroom options ranging in price from $950 to $2,250 per month. The building was constructed in 1928 and also offers a number of amenities, including extra storage, onsite laundry facilities, secure package delivery and a bike storage area. 

Located just two blocks from the University of Washington campus, the property is centrally located within the U District. The property also provides easy access to the U District Light Rail Station and the Burke Gilman Trail. 

While it is unclear if there are any redevelopment plans in place for the apartment building, Blue Fern Homes is a development company specializing in the construction of for-sale townhomes in Seattle and its surrounding suburbs. 

Previous projects include the 1st Avenue Townhomes in Shoreline. The development includes seven townhomes. Each totaling 1,549 square feet, the homes were move-in ready by 2020. Also recently completed by the company were the eight-unit 42nd Avenue Townhomes in Seattle and the seven-unit Cromwell Crossings, which is located at 2156 N. 185th Street.