SEATTLE, WA - CBRE announced the sale of two parcels totaling 15,225 square feet in Seattle’s University District to 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.
Kyle Yamamoto, Eli Hanacek, Jon Hallgrimson and Mark Zoffel with CBRE Capital Markets in Seattle brokered the transaction.
The site is located at 1200 NE 45th Street, 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.
“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 Mr. Yamamoto, first vice president, CBRE.
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.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Landmark Properties: Landmark Properties is a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities. With more than $9.5 billion assets under management, Landmark’s portfolio includes nearly 100 residential communities across the country with approximately 57,000 beds under management. Additionally, Landmark benefits from an active development pipeline with 16 student and multifamily projects under construction with an estimated value at $3.1 billion. Landmark’s mission is to be the leader in development, construction, operations and investment management of luxury housing communities, by delivering unrivaled service and experience to residents, partners and employees. For more information, visit www.landmarkproperties.com