Greystar Launches MF Development Near Seattle’s University Village
Charleston, SC-based Greystar commenced construction on Arista, a 236-unit apartment development on a two-block site west of Seattle’s University Village. The $115 million project will rise at 4715 25th Ave. NE, a property previously housing a Travelodge and KeyBank branch.
The 1.3-acre site is near the University of Washington, but is not being envisioned as student housing. The community is expected to attract families and downsizing households from the nearby affluent Ravenna, Windermere and Laurelhurst neighborhoods.
The property also includes 9,000 square feet of retail, 183 underground parking stalls and 214 bicycle spaces. Amenities include a lobby concierge, fitness center with saunas, and a rooftop indoor-outdoor clubhouse topped by a rooftop deck.
Construction of the multifamily project is expected to span at least two years. Bank of America is supplying a $64 million loan. Gibraltar’s Tracy Cornell is handling the retail leasing assignment.
*Rendering Courtesy of Weber Thompson
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