SEATTLE — Greystar is set to break ground on Lakeview Student Residences, a $145 million student housing community located in Seattle’s U District near the University of Washington. The Charleston, S.C.-based developer recently purchased a five-parcel assemblage of existing apartment buildings located at NE 42nd St. and 12th Ave. NE for the development for $17 million.
Dan Chhan, Tim McKay and Sam Wayne of Colliers International represented Greystar and the undisclosed seller in the transaction.
“This is a core location with high-rise zoning, just three blocks from the University of Washington and one block from the new light rail station opening in 2021,” says Wayne. “Despite some current headwinds facing student housing due to COVID-19, this area is poised for outsized future growth as institutional investors develop new residential and office towers and the University of Washington continues its expansion.”
The 21-story, 226-unit community is slated for completion in fall 2022. Lakeview’s amenities are set to include a rock-climbing wall and rooftop decks with designated study areas and entertainment space.
Charles Halladay, Jordan Angel, Chris Ross, Teddy Leatherman, Stewart Hayes and Taylor Gimian of JLL worked on behalf of the developer to secure construction financing for the project through Pacific Western Bank.