A prime Shoreline mixed-use apartment development site across from the Shoreline South/148th Light Rail Station in Shoreline, Washington sold today in a transaction structured by Kidder Mathews. The multiparcel assemblage is located on NE 148th Street between 5th Ave NE and 6th Ave NE.
Dylan Simon, Jerrid Anderson, and Winslow Lee of the Simon and Anderson team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the sellers in the marketing and sale of the assemblage.
This marque development site is located directly across the street from the Shoreline South/148th Light Rail Station opening in the fall of 2024, providing a key link between major metro job centers and the best neighborhoods in North Puget Sound.
“We want to thank all sellers and buyer for an extremely smooth transaction,” said Simon. “Spectrum Development Solutions picked up this assemblage when another buyer was unable to proceed in fall 2020. Despite challenges in the regional apartment market during 2020, Spectrum held steadfast in its clear vision on Shoreline as a vibrant community and the importance of transit adjacency for making livable communities in the Seattle-Bellevue Metro.”
“We are grateful to Dylan and his team at Kidder Mathews for both bringing us this opportunity and for their trust in us,” said Jake McKinstry, Principal at Spectrum Development Solutions. “This land assemblage is a great fit for Spectrum and our focus on developing high-quality transit-oriented projects in a terrific path of growth locations. Our residents will be able to be in downtown Seattle within 15 minutes on light rail or in Bothell in 20 minutes via Bus Rapid Transit.”
Spectrum plans to build approximately 172 apartments on the land and has named the project Burl as an homage to the old growth trees and natural elements of Shoreline. A wood burl is one of the most interesting and beautiful parts of a tree created through tension. Burl will feature a mix of studios, one-, two-, and three-bedrooms units and is targeting USGBC LEED Silver Certification. Project amenities include a treehouse, rooftop deck, coffee bar, fitness room, lounge spaces, and pet friendly amenities. The project team includes Encore Architects, Absher Construction, and Hewitt Landscape. Project completion is scheduled for fall 2024, concurrent with opening of the Shoreline South/148th Station.
(Project rendering courtesy of Encore Architects)
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 eight brokerage professionals specializes in sale and financing of apartment buildings and development land from $1 million to more than $100 million. For more information, visit simonandersonteam.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 21 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 $8 billion in transactions, manages over 64 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.
About Spectrum Development Solutions
Spectrum Development Solutions is a mission-driven real estate development and advisory company with a diverse, cross-sector focus spanning multifamily and workforce housing, student housing, healthcare, and community, non-profit projects. All of Spectrum’s projects have a strong community focus with an emphasis on transit-oriented and environmentally sustainable development. For more information, visit spectrumdevsolutions.com.