Home Finance Fully Entitled, Capitol Hill, Multifamily Development Sold to Vekst Development, LLC for...

Fully Entitled, Capitol Hill, Multifamily Development Sold to Vekst Development, LLC for $3.725MM

Sunrise D C, Colliers International, Bellevue, Seattle, Verst Development, Elliott Bay, Lake Union, Link Light Rail, Capitol Hill

Colliers International’s McKay/Chhan/Wayne Team Facilitates Transaction

Seattle, December 11, 2018 – Sunrise D C, LLC recently sold 323 Bellevue, a fully entitled, 43-unit, multifamily development in Seattle’s Capitol Hill neighborhood, to Vekst Development, LLC for $3.725 million. The Colliers International team of Tim McKay, Dan Chhan and Sam Wayne represented the seller in the transaction.

Located on a 7,200-square-foot site at 323 Bellevue Avenue E, the permitted development encompasses a six-story structure with 14 below-grade parking stalls, ground-level amenity space and a rooftop deck. It supports the construction of either rental apartments or condominiums, with units ranging from studios to two-bedrooms at an average unit size of 420 square feet. Western-facing units will have unobstructed views of Elliott Bay, Lake Union and the downtown skyline. Major Seattle employment centers including South Lake Union and the CBD are walking distance, as are retail, dining and entertainment amenities as well as the Link Light Rail Capitol Hill station.

“The City of Seattle has already issued building permits for 323 Bellevue, so the offering was an opportunity for a savvy developer to skip the planning stage and jump right into construction,” Mr. McKay noted. “Given the Mandatory Housing Affordability (MHA) requirements and fees likely to be implemented next year for new development, this immediate commencement was a major selling point for 323 Bellevue.”

The sale of 323 Bellevue is the latest success McKay, Chhan and Wayne have had in the sale of fully entitled and permitted properties in Seattle. Past transactions include the disposition of 1010 E Republican Street and 2508 N 50th Street. The team is currently marketing another site at 7001 Roosevelt Way NE.

About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.