Home Finance South Lake Union Apartment Development Site Sells for $10.25M

South Lake Union Apartment Development Site Sells for $10.25M

1405 Dexter, Kidder Mathews, Pastakia & Associates, South Lake Union
Courtesy of Kidder Mathews

Seattle, Wash. – A prime South Lake Union apartment development site sold for $10.25 million in a transaction structured by Kidder Mathews. It is located at 1405 Dexter Avenue North in Seattle, Washington. 

Dylan Simon, Jerrid Anderson, and Matt Laird of The Simon and Anderson Team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the seller and were the only brokers involved in the transaction. The buyer is Pastakia & Associates.

Pastakia & Associates finalized entitlements and permitting for the eight-story apartment development site for 160 units with structured parking in 62 parking stalls. The completed building will have waterfront, downtown, and terrestrial views. A large mural on the north façade helps further define the building’s design concept of Borealis.

“We want to thank both buyer and seller for an extremely smooth transaction,” says Simon. “Over the last decade, this property passed through the hands of several owners, and the buyer envisioned the property for a truly market-defining development. Despite challenges in the Seattle apartment market during 2020, Pastakia’s clear vision on South Lake Union and Dexter as an exceptional apartment market prevailed, and this project will set a new standard for the submarket.”

About the Dylan Simon and Jerrid Anderson apartment brokerage team

The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across the greater Seattle and Puget Sound region. The team of eight brokerage professionals specializes in sale and financing of apartment buildings and development land from $1 million to more than $100 million.

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages over 70 million square feet of space, and conducts over 1,800 appraisals annually.