Colliers’ McKay/Chhan/Wayne Represent Owners in Sale of Campus Station Development Opportunity
When its marketing campaign launched a year ago, the eight-parcel Campus Station opportunity in Seattle’s University District was the largest contiguous, fee-simple assemblage to hit the market since the rezone toward greater density and taller buildings in 2017. Yesterday, that assemblage sold to Landmark Properties, the nation’s top developer of student housing, for $39 million or $950 per square foot. Colliers International’s Tim McKay, Dan Chhan and Sam Wayne represented the sellers in the transaction.
The new owner plans to begin construction in 2021 on two residential towers with 1,100 beds in 549 units on the combined parcels, which span nearly an acre from 4202 to 4238 12th Avenue NE. The site is three blocks from the University of Washington and half a block from the future U District station of Sound Transit’s Link Light Rail.
“The U District continues as one of Puget Sound’s most desirable locations for investors, given the 1) expanding student enrollment at UW, a Tier-1 university; 2) the opening of light rail in the University District in 2021 with direct connection to major employers in downtown Seattle; and 3) limited supply of quality developable sites in that submarket,” noted McKay.
Mr. Chhan further explained, “We knew a large-scale opportunity like Campus Station would appeal to a spectrum of investors, however, at that time, there were no comps based on the new, high-rise zoning code. Our assignment was essentially to make a market for 240’, high-rise zoning in the University District. Despite the obvious challenges, our marketing generated 13 competitive offers from buyers across four continents. In the end, we achieved the highest-ever price per square foot in the University District that’s also among the highest ever for a multifamily property in Seattle.”
“When we created the vision for Campus Station in 2017, it was the first two-tower, high-rise development opportunity in the University District. Today, 12 towers are proposed or under construction,” Mr. Wayne said. “In addition to facilitating a transaction that will alter the future landscape of the U District, we helped the nearly 30 individuals with an ownership interest in the properties sold as part of the Campus Station assemblage to redirect funds derived from the sale into new investments with strong cash flows.”
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