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12/21/21
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A 22.9k sf land parcel located in north Seattle’s Fremont neighborhood sold to real estate firm Kamiak for $8 mil. The parcel is being considered for future mixed-use multifamily development.
The property is located at 4318, 4312 and 4302 Stone Way North, two blocks from N 45th Street’s numerous retail amenities. There are nearly 190 restaurants, bars and breweries within one mile of the property.
The site’s zoning allows for multifamily development. An initial feasibility study proposed a six-story, 121-unit apartment building with ground-floor retail and one level of underground parking. No entitlements for future development were in place at time of close.
Kyle Yamamoto, Jon Hallgrimson and Eli Hanacekwith CBRE represented the seller in the transaction.
“This site is ideal for redevelopment into multi-family housing. It has a coveted location in the heart of Fremont, within walking distance of some of Seattle’s best lifestyle amenities, including eateries, cafes, breweries and lakefront recreation. It is also minutes from major high-paying employers,” noted Yamamoto.
Referred to as the “Silicon Canal,” Fremont is home to a growing tech sector. Several of the region’s established tech companies have opened offices in Fremont in recent years, helping to fuel demand for apartments and significant rent growth. As of November 2021, Fremont has observed +14.3% year-over-year average rent growth, per Yardi Matrix data.
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