By Meghan Hall
National multifamily developer Greystar is moving ahead with plans for a 21-story, 226-unit residential project, acquiring five different parcels along NE 42nd Street and 12th Ave. NE as it solidifies project plans. In a transaction that closed October 1st, Greystar purchased the parcels for $20 million, and with a development price tag of $145 million, Greystar hopes to complete the tower by fall of 2022.
Dan Chhan, Tim McKay, and Sam Wayne of Colliers International represented Greystar and facilitated both sides of the transaction, which included four aging properties with about 24 units. The Villa Camini Apartments, a historic asset constructed in 1924, was also acquired and will be preserved as part of Greystar’s plans for the project.
Located at 4126 NE 12th Street, the development has been dubbed “Lakeview Residences.” Designed by Weber Thompson, the tower is composed of three cascading volumes and a stepped podium to connect the upper levels to the pedestrian realm. The development’s location, and the future tower, will be highly visible from all sides, stated Greystar and Weber Thompson at the project’s design review meeting in 2019.
The project will be chocked full with student-oriented amenities, including rooftop pools and hot tubs, an outdoor theater and even a rock-climbing wall. Within walking distance are numerous shops and restaurants, from Starbucks to MOD Pizza to Big Time Brewery and Alehouse.
“As this marks the third deal our Pacific Northwest team has closed since spring 2020, we’re proud to continue to persevere through challenging times,” explained Greystar’s Senior Director of Development Aaron Keeler. “We’re grateful to the City of Seattle, who has been a wonderful partner in effectively processing entitlements for much-needed housing, and we look forward to bringing this student housing community to life in the coming years.”
The project will anchor an array of projects rising along “The Ave.,” the main commercial drag in Seattle’s University District. Nearby projects include Athens, Ga.-based Landmark Properties’ 535,000 square foot Standard Towers, and Bellevue, Wash.-based Evergreen Lodging’s 30-story mixed-use hotel and apartment complex on 11th Ave. NE. The Arista Residences, located at 4715 25th Ave., will also be developed by Greystar.