(EDITOR’S NOTE: According to public records, the seller was an LLC affiliated with Dan Giustina. The buyer was an entity associated with Los Angeles-based FH Palm Center LLC.)
Development site with high-rise zoning garners $13M, signals continued demand for housing near university
SEATTLE, Wash. – Colliers’ multifamily experts Tim McKay, Dan Chhan, Sam Wayne, and Matt Kemper have successfully completed the sale of a two-parcel, 22,041 square-foot development site in Seattle’s University District. McKay, Chhan, Wayne and Kemper of Colliers, in collaboration with Kevin Adatto and Sean Tufts of CPX, represented the seller and sourced the buyer in the transaction, which closed today for $13,000,000.
Formerly home to a Walgreens and its parking lot, the two-parcel site located at 1205 NE 50th Street and 4751 Brooklyn Street benefits from the city’s 2018 zoning change, which allows for residential development up to 240 feet. This high-rise designation provides multiple development options for both student and market-rate housing. A feasibility study conducted by Ankrom Moisan prior to the sale indicated the two parcels could combine to allow for approximately 203,000 square feet of livable space.
Development in the University District shows no signs of slowing down. Vacancy in the submarket is down 2.4 percent compared to a year ago, and there are 1,455 residential units currently under construction, according to Axiometrics. This growth is largely fueled by the University of Washington, whose students, faculty and staff total more than 72,000. The submarket also benefits from the newly expanded Link Light rail line which now connects the University District to the rest of the city.
“Demand for multi-housing development sites in the U-District remains strong coming out of the COVID-19 pandemic,” Chhan said. “Expanding enrollment at the University of Washington combined with the opening of the new light rail station and ongoing multi-sector development adjacent to campus will make the district an excellent area to invest in for the foreseeable future.
“Alongside the boom in multifamily development, the University has evolved into a key innovation district with multiple Class A office, healthcare and research facilities as well as an abundance of retail and entertainment options.
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