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Seattle & Northwest  + Seattle  + Student Housing  | 
Two-Parcel Site Benefits From City’s 2018 Zoning Change

Two-Parcel Site Benefits from City’s 2018 Zoning Change

Development in the University District shows no signs of slowing down. Case in point is a two-parcel 22,041 square-foot development site in the district that recently closed for $13 million.

Formerly home to a Walgreens and its parking lot, the two-parcel site at 1205 NE 50th St. and 4751 Brooklyn St. benefits from Seattle’s 2018 zoning change, which allows for residential development up to 240 feet. This high-rise designation provides multiple development options for both student and market-rate housing. A feasibility study conducted by Ankrom Moisan prior to the sale indicated the two parcels could combine to allow for approximately 203,000 square feet of livable space.

Vacancy in the submarket is down 2.4 percent compared to a year ago, and there are 1,455 residential units currently under construction, according to Axiometrics. This growth is largely fueled by the University of Washington where students, faculty and staff total more than 72,000. The submarket also benefits from the newly expanded Link Light rail line which now connects the University District to the rest of the city.

Colliers’ multifamily experts Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper, in collaboration with Kevin Adatto and Sean Tufts of CPX, represented the seller and sourced the buyer in the transaction.

“Demand for multi-housing development sites in the U-District remains strong coming out of the COVID-19 pandemic,” says Chhan. “Expanding enrollment at the University of Washington combined with the opening of the new light rail station and ongoing multi-sector development adjacent to campus will make the district an excellent area to invest in for the foreseeable future.”

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Dan Chhan

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition
  • ◦Development