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New University Place Apartments Sell for $30.5M

The Duo, a newly built multifamily complex in University Place, was sold for $30.5 million, or about $293,269 per unit, reported the Puget Sound Business Journal. Located at 4201 and 4205 Bridgeport Way W., the two-building property was completed in 2023.

The seller was SEB Development, which acquired the site in 2021 for $1.5 million from a private investor based in Oregon. The buyer is an entity affiliated with a private investor, and the sale also included a nearby parcel of vacant land spanning 1.322 acres.

The five-story, 104-unit property includes a mix of studios, one- and two-bedroom apartments. The community features a recreation room, a fitness center, and an outdoor patio. Kirkland-based 11 Residential has taken over as property manager at The Duo. The sale is the latest of several significant multifamily transactions in the region, including the 300-unit Atrium on James which was purchased by FPA Multifamily for $60.5 million.

Image credit: Puget Sound Business Journal

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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