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Pastakia Envisions Site as Market-Defining Development
An eight-story apartment development site located at 1405 Dexter Ave. North in South Lake Union recently sold for $10.25 million. The buyer was Pastakia & Associates.
Pastakia & Associates finalized entitlements and permitting for 160 units with structured parking in 62 parking stalls. The completed building will have waterfront, downtown and terrestrial views. A large mural on the north facade helps further define the building’s design concept of Borealis.
Dylan Simon, Jerrid Anderson and Matt Laird of the Simon and Anderson Team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the seller.
“Over the last decade, this property passed through the hands of several owners and the buyer envisioned the property for a truly market-defining development,” says Simon. “Despite challenges in the Seattle apartment market during 2020, Pastakia’s clear vision on South Lake Union and Dexter as an exceptional apartment market prevailed, and this project will set a new standard for the submarket.”
- ◦Sale/Acquisition
