Apartment Development Site in UW’s Greek Row Sells with Plans & Permits in Place for 36-Bedroom Student Housing Project

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A University District townhome development site, located at 4741 18th Avenue NE in Seattle, Washington, has sold for $1,640,000 ($380 per land square foot). Dylan Simon, Jerrid Anderson, and Matt Laird of the Simon and Anderson team, a multifamily investment team at Kidder Mathews, were the exclusive listing brokers for the seller, SeaLevel Properties, a Seattle area, family-owned builder. The buyer was a private developer and not represented by a broker.

Located within the University of Washington’s Greek Row, the development site is entitled for five efficiently designed townhomes offering a combined 36 bedrooms intended for student housing. The listing generated multiple offers above the list price from a competitive bidding process. The transaction was completed in 63 days from the start of marketing to the close of escrow on November 10.

“Although there are some near-term challenges facing the University District, we fully believe in the long-term growth and desirability of the neighborhood. This project is perfectly poised to take advantage of that upside upon its completion in 2022,” said Laird.

About the Dylan Simon and Jerrid Anderson apartment brokerage team
The apartment brokerage team led by Dylan Simon and Jerrid Anderson of Kidder Mathews represents investors in the sale, purchase, and financing of apartment buildings and development land across the greater Seattle and Puget Sound region. The team of seven brokerage professionals specializes in sales and financings of apartment buildings and development land from $1M to in excess of $100M. For more information, visit dylansimon.com.

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70.5 million square feet of space, and conducts over 1,680 appraisals annually. For more information, visit kidder.com.

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