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Harbor Properties Adding U-District Units

SEATTLE-The locally based multifamily developer expects to break ground next spring for a six-story 72-unit apartment building across the street from a 77-unit project it started in October.

By Brian K. Miller | Updated on January 02, 2006

(To read more on the multifamily market, click here.)

SEATTLE-Come next spring, Harbor Properties Inc. will have two six-story apartment projects under construction in the University District. The locally based developer and local money partner Jim Sepic began moving dirt in October for Helix, a 77-unit complex on 12th Avenue Northeast south of Northeast 50th, and will start construction in April for Ellipse, a 72-unit project that will rise a short ways further down 12th Avenue.

Harbor EVP and chief development officer Denny Onslow tells GlobeSt.com that both development sites were acquired with Master Use Permits in place, which saves the new owner several months of permitting. While Onslow didn’t discuss the specific purchase price for his properties, with MUPs in place such parcels have been selling for between $35,000 and $40,000 per unit that can be built.

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