By Jack Stubbs
On a deal that closed on June 10 – but was officially recorded on June 13 – a two-parcel property in Seattle’s University District sold for $19 million, King County records show. The buyer was Athens, GA-based Landmark Properties and the seller was MRM 1200 Development LLC, which shares the same address as commercial real estate brokerage firm Broderick Group.
The parcels, located at 4507 12th Ave. NE and 1200 NE 45th St., include a 6,752 square-foot retail building originally constructed in 1954, as well as an associated parking lot, according to public documents. Current tenants of the retail space include QDOBA Mexican Eats and WaFd Bank.
The two-parcel property is just a few blocks from the main University of Washington Campus and is also maintains easy access to Interstate 5.
Landmark Properties declined to comment about the transaction; it is not entirely clear what plans the company has for the recently-acquired parcels.
A sale a couple of years ago might offer clues, however, as to the company’s plans. In November 2019, Landmark spent $41.2 million to acquire five assets in the University District, according to The Registry’s reporting. These included the 16-unit Canterbury Court Co-Op, located at 4225 Brooklyn Ave. NE; a triplex located at 4206 12th Ave. NE and 1202 42nd Ave. NE; the 20-unit Cedrus Apartments located at 4230 12th Ave. NE; the 22-unit Starlighter Apartments, located at 4216 12th Ave. NE; and the nine-unit Ranice Apartments.
The properties were slated to become The Standard at Seattle, described as a premier UW off-campus housing community on the property’s website.
According to a proposal on the city’s website – which was most recently updated in January 2022 – 1200 NE 45th Street is slated for the development of a 24-story high rise apartment building with 215 apartments, bank and retail use at grade and three levels of below grade parking. Common amenity space will be located at grade, at the podium deck level and at the top of the building.
Landmark Properties specializes in the acquisition, development and management of high-quality residential communities across the country, according to the company’s website. The company started out as one of the foremost developers and managers of off-campus housing communities in the country.