The .75-site is located at 4731 15th Ave. NE in the University District, blocks from the historic Greek row.
SEATTLE—An investment partnership recently acquired its first Seattle student multifamily development site. Student housing developer and operator, Peak Campus, in conjunction with its investment partner, Blue Vista Capital Management LLC, acquired the site located at 4731 15th Ave. NE in the University District.
The .75 acre site is just blocks from the main entrance to the University of Washington and its historic Greek row. It will become home to a new student apartment community to serve University of Washington students.
The new project, Theory U District, will consist of a residential program of nearly 500 beds with studio, one-, two-, three-, four- and five-bedroom apartments that come fully furnished. An abundant amenity package will be offered including a rooftop deck, multiple study rooms, a landscaped courtyard for outdoor activities, fitness room, parcel lockers and parking.
"We are excited to serve the growing demands of a world-class university with a well-conceived plan and an excellent location," said Jeff Githens, president of Peak Campus Development. "This project continues the growth of our development platform into major university markets."
The site was previously owned by the University Christian Church/UCC, which moved out of the property last summer. Demolition of the site's previous building has been completed by UCC and vertical construction for Theory U District will commence later in 2020 for a fall 2022 opening.
"As our first Seattle project, we're excited to bring our extensive experience in student housing development and management to the U-District's growing market," Githens tells GlobeSt.com. "As our Theory U District development moves forward, we look forward to creating a differentiated project that will benefit our future residents and the University District neighborhood as a whole."
Student housing pre-leasing for fall 2019 was on the same pace as the previous year, with statistics for both years reported at 65% pre-leased, according to Axiometrics. The most notable change in pre-leasing year-over-year was the fact that most companies started the pre-leasing process earlier–many as early as September, according to Pierce Education Properties.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
