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April 22, 2024
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Landmark Properties Buys Two Parcels in Seattle’s University District


Two parcels totaling 15.2k sf in Seattle’s University District were purchased by Landmark Properties. The land is located next to the recently opened U-District light rail station and is entitled for a 24-story, 237-unit multifamily property.

The site is located at 1200 NE 45th St, a few blocks from the University of Washington campus and next to the U-District station on Line 1 of Sound Transit’s Link light rail system. The station, which opened in October 2021, is two stops from Capitol Hill and three stops from the Seattle central business district. By 2023, it will also connect to the Eastside and downtown Bellevue.

Kyle Yamamoto, Eli Hanacek, Jon Hallgrimson and Mark Zoffel with CBRE Capital Markets in Seattle brokered the transaction.

“This was a once-in-a-generation opportunity to acquire a light-rail adjacent site in the heart of one of the nation’s most dynamic neighborhoods. Steps from the UW campus, the location is perfectly positioned to benefit from the redevelopment occurring across the U-District,” said Yamamoto.

In addition to the light rail expansion, the City’s vision to make the U-District into an innovation district, similar to South Lake Union, resulted in a rezoning of the area to encourage higher density development. The University of Washington followed suit and approved a master plan in 2019 to allow for the expansion of its education, research, and office facilities.

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