(EDITOR’S NOTE: The property sold for about $179,688 per unit. According to public records, the buyer was an entity affiliated with Farallon Capital Management LLC, an investment partnership based in San Francisco. The seller, Husky Housing LLC, is associated with Fred Abel and Ling Ling Hu, of Brier, Wash.)
Seattle, Wash. – Colliers is pleased to announce the successful sale of Husky Housing, a three-building, 96-bed student housing complex located at 4215, 4217 and 4221 9th Avenue Northeast in Seattle’s University District. Multifamily experts Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper represented both parties in the transaction, which closed [December 3rd] for $17,250,000.
The sale of Husky Housing underscores the rapid growth of the student housing sector, both in Seattle and across the nation. Sales of existing student housing have skyrocketed in 2021. Most notably, The M, also brokered by McKay, Chhan, Wayne and Kemper, sold for $138 million in September 2021, marking the highest price per square foot ever paid for a student housing asset at $1,000 per square foot.
“Demand for student housing is surging in markets like Seattle, where top-tier universities such as the University of Washington continue to grow,” Chhan said. “Husky Housing presented an excellent opportunity for the new owners to establish a stake in the student housing market early, ahead of significant further development.”
“The University District is one of Seattle’s most dynamic and rapidly growing submarkets, and has attracted significant institutional investment in recent years,” added Kemper. “There are currently 1,455 residential units under construction in the neighborhood, and major developers like Touchstone/URG, Lincoln Properties and Wexford are primed to deliver more than one million square feet of Class A office and life science space to the area.”
Additionally, the recently opened LINK light rail station, which is just four blocks from Husky Housing, provides connectivity to the rest of the city, further cementing the University District as a 24/7 lifestyle destination.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.