Global Investor Plans 226-Unit High Rise Student Housing Building
Public records will indicate rental housing industry leader Greystar closed today on a 5-parcel assemblage of existing apartment buildings located at NE 42nd St and 12th Ave NE, with plans to develop a 21-story, 226-unit high-rise student housing tower known as Lakeview Student Residences.
Dan Chhan, Tim McKay, and Sam Wayne of Colliers International represented Greystar and facilitated both sides of the transaction.
“This is a core location with high-rise zoning, just 3 blocks from the University of Washington, and 1 block from the new light rail station opening in 2021,” said Sam Wayne, Senior Vice President at Colliers International. “Despite some current headwinds facing student housing due to Covid, this area is poised for outsized future growth as institutional investors develop new residential and office towers, and The UW continues its expansion.”
The University District is one of six designated urban centers within the city of Seattle. As such it offers a densely populated and vibrant community with countless shops, restaurants and services. The neighborhood boasts a walk score of 93, bike score of 86, and will be just a 10-minute train ride from Downtown Seattle upon completion of the light rail expansion.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn. Information about our Seattle metro area operations is available at colliers.com/Seattle.
About McKay, Chhan, Wayne
We have a reputation for going above and beyond for our clients, providing efficient, professional services with an intensity of execution not available anywhere else. We have a solution-driven mindset that is obvious in our analysis, brokerage and marketing efforts. Our capital markets expertise leverages market intelligence, financial acumen and solid partnerships to structure the best deal possible for our clients. We provide full-service solutions to multifamily owners, investors, and developers, including; acquisitions and dispositions, valuation and financial analysis, property management, debt and equity, rehabilitation and repositioning, development feasibility study.
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