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7/27/22
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Campus Apartments and University Manor, two apartment buildings totaling 119 units in Seattle’s highly desirable University District, sold for a price tag of $33 mil ($277.3k/unit) in an off-market transaction.
Campus Apartments, containing 39 units, fetched $9 Mil ($230.8k/unit), while Manor, with 80 units, traded for $24 mil ($300k/unit). Located at 4210 Brooklyn Avenue NE and 1305 NE 43rd Street, respectively, both properties are within walking distance of the University of Washington. They are also adjacent to the University District light rail station, offering excellent access to employment opportunities in downtown Seattle and beyond.
Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper with Colliers were involved in brokering the deal. According to Wayne, demand for housing in the University District shows no signs of slowing down, driven by both growing enrollment at the University of Washington, and by significant multi-sector development in the area.
Investor interest in the University District has grown rapidly over the last several years across all sectors. The submarket is becoming one of the city’s key innovation districts with multiple Class A office, healthcare and research facilities. The area also features an abundance of retail, dining and entertainment amenities.
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