Seattle, (October 19, 2018) – The Tyee Apartments and Levere Apartments, two University District apartment buildings with a total of 88 aggregate units, recently changed hands in a transaction arranged by Colliers International’s Tim McKay, Dan Chhan, Sam Wayne and Arvin Vander Veen. Kennedy Tyee LLC & Levere LLC sold the properties to Seattle University District Limited Partnership for $20 million. The transaction is the first time these properties have traded in more than 50 years.
“The Tyee and Levere apartment buildings are located just two blocks from the University of Washington campus and two blocks from the Link light rail station at the northwest corner of NE 41st Street and Brooklyn Avenue in the U-District. This main and main location is unmatched,” noted Mr. McKay.
“Like other large deals we’ve sold in the U-District recently, Tyee and Levere attracted a lot of attention, generating multiple bids from a wide range of local, national and international developers and investors,” added Mr. Chhan.
“Core-plus opportunities to acquire 88 value-add units on 20,600 square feet of high-rise-zoned dirt is rare in Seattle. Ultimately, an investor stepped up to buy both buildings with plans to remodel the existing structures and land bank them for the future,” Mr. Wayne said.
The Tyee Apartments, built in 1963 at 4115 Brooklyn Avenue NE, features 48 units in a mixture of studios and one-bedroom units. Its sister property, the Levere Apartments, a brick building constructed in 1927, offers 40 studio, one-bedroom and two-bedroom units at 4105 Brooklyn Avenue NE.
The sale of the Tyee Apartments and Levere Apartments is the latest successful transaction for the McKay/Chhan/Wayne team, which has facilitated several of the largest land assemblage transactions ever the U-District, in addition to existing apartment building sales. Mr. Vander Veen is an accomplished investment sales advisor with 40 years of experience.