By Meghan Hall
Landmark Properties, the Athens, Ga.-based developer known around the nation for its student housing, closed on the acquisition of five properties that are slated to become the site of The Standard Seattle. The transactions, which closed at the end of October, totaled $41.2 million; the properties were mostly sold by private entities, according to King County public documents.
The Standard will be Landmark Properties’ first student housing project in Seattle’s University District, just north of the University of Washington, and will compose two-thirds of the block bordered by Brooklyn Ave. NE, 12th Ave. NE, NE 42nd and NE 43rd streets, the site of Landmark Properties’ most recently acquired assets.
The five properties sold include:
- The 16-unit Canterbury Court Co-Op, located at 4225 Brooklyn Ave. NE. The property sold for $10.7 million, or $668,750 per square foot and was traded by the Canterbury Court Co-Operative Association.
- A triplex, owned by a private entity, located at 4206 12th Ave. NE and 1202 42nd Ave. NE. The complex sold for $7.8 million, or about $2.6 million per unit.
- The 20-unit Cedrus Apartments, located at 4230 12th Ave. NE, was sold by Cedrus Properties LLC, a private entity represented by bankruptcy law firm Hanson Baker Attorneys. The asset also traded for $7.8 million, or $390,000 per unit.
- The 22-unit Starlighter Apartments are located at 4216 12th Ave. NE were sold by private, Kent, Wash.-based entity for $7.8 million, or $354,545 per unit.
- The 9-Unit Ranice Apartments were sold by Internos Properties LLC, according to property documents, for $7.1 million, or just under $789,000 per unit. The complex is located at 4215 and 4211 Brooklyn Ave. NE.
Landmark Properties’ acquisition of the project site comes just a few months after the developer, along with Ankrom Moisan Architects, received initial design approval for The Standard at an early design guidance meeting. The 535,000 square foot development will include two towers comprised of 400 residential units and 6,700 square feet of ground-level retail. Outdoor public amenity corridor from 12th Ave. to Brooklyn Ave. NE is also planned, as are a rooftop swimming pool, expansive rooftop deck, indoor lounge, study spaces and a fitness center. While the development team plans on breaking ground in 2021, with delivery slated for 2023, the project still needs to receive its final entitlements and go through on more Design Review Meeting.
Landmark Properties is one of the largest developers in the United States who specializes in the acquisition, development, construction and management of student housing communities. Landmark has delivered 25,800 beds since its founding in 2004 and currently has more than 10,000 beds under construction. The firm has completed more than 35 projects with an overall asset value of $2.6 billion, as of the end of 2018.