By Meghan Hall
One of the first newly-constructed towers to rise in the University District after Seattle’s widespread upzones has sold. In a deal that closed on Friday, an entity affiliated with Fields Holdings sold “The M,” a luxury student multifamily asset. According to Colliers, the property sold for $138 million, or about $600,000 per unit.
The property, located at 4700 Brooklyn Ave. NE, was completed just last year. In all, it rises 24 stories and includes 230 units. The tower features a mix of studio, one-, two- and four-bedroom apartments. The M’s website states that currently, no units are available for lease. Units are equipped with hardwood-style flooring and quartz countertops, in-unit washer and dryers, floor to ceiling windows, and stainless steel appliances. Monthly rent averages about $1,800 per month, according to Apartments.com.
Community features available to tenants include a yoga studio with on-demand streaming, study lounge, indoor basketball, rooftop fitness center, and parking. A game room and an outdoor skydeck with grills and sun lounges are also available to students.
Colliers’ MCW team represented the seller in the deal at a time when the U-District is experiencing an explosion of growth.
“I think there’s a lot of optimism around the University of Washington following the rezone,” explained Colliers’ Senior Vice President Sam Wayne. “The university is growing; there is a lot of discussion around life sciences and offices in addition to housing. It’s a really dynamic submarket that’s attracting interest from investors.”
The M—designed by NBBJ– is one of the tallest new structures in the University District in decades. It will soon be joined by a flurry of other projects. Greystar is currently constructing Lakeview, another new student housing tower that will rise 26 stories and total 226 units. Also nearby is Landmark Properties’ The Standard, a two-tower development. In all,, The Standard will rise 25 stories and include 402 units. At 4215 Brooklyn, Core Spaces is developing Hub U District, a 25-story, 576-bed project.
More recently, Nicola Wealth announced its first ground-up development project in Seattle: a 28-story residential building in the U-District. The project will rise at 11107 NE 45th Ave. and will total 350 units. In April, the Northeast Design Review Board gave the greenlight to Touchstone, a subsidiary of URG, to move forward with an 11-story development at 4530 12th Ave.
The rate of new construction development is likely going to be an asset to the U-District, and will be something Colliers expects investors to capitalize on in the future.
“We are going to see a lot more supply of high-rise luxury towers based on the pipeline that’s already under construction and proposed,” noted Wayne. “I think we’re going to see institutions make big bets in the U-District.”