Colliers’ McKay, Chhan, Wayne and Vander Veen Arrange Sale of the Tyee Apartments and Levere Apartments for $20 Million
SEATTLE, WA – The Tyee Apartments and Levere Apartments, two University District apartment buildings with a total of 88 aggregate units, recently changed hands in a transaction arranged by Colliers International’s Tim McKay, Dan Chhan, Sam Wayne and Arvin Vander Veen. Kennedy Tyee LLC & Levere LLC sold the properties to Seattle University District Limited Partnership for $20 million. The transaction is the first time these properties have traded in more than 50 years.
"The Tyee and Levere apartment buildings are located just two blocks from the University of Washington campus and two blocks from the Link light rail station at the northwest corner of NE 41st Street and Brooklyn Avenue in the U-District. This main and main location is unmatched,” noted Mr. McKay.
“Like other large deals we’ve sold in the U-District recently, Tyee and Levere attracted a lot of attention, generating multiple bids from a wide range of local, national and international developers and investors,” added Mr. Chhan.
“Core-plus opportunities to acquire 88 value-add units on 20,600 square feet of high-rise-zoned dirt is rare in Seattle. Ultimately, an investor stepped up to buy both buildings with plans to remodel the existing structures and land bank them for the future,” Mr. Wayne said.
The Tyee Apartments, built in 1963 at 4115 Brooklyn Avenue NE, features 48 units in a mixture of studios and one-bedroom units. Its sister property, the Levere Apartments, a brick building constructed in 1927, offers 40 studio, one-bedroom and two-bedroom units at 4105 Brooklyn Avenue NE.
The sale of the Tyee Apartments and Levere Apartments is the latest successful transaction for the McKay/Chhan/Wayne team, which has facilitated several of the largest land assemblage transactions ever the U-District, in addition to existing apartment building sales. Mr. Vander Veen is an accomplished investment sales advisor with 40 years of experience.
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers has also been ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
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