University Way

Project Details

59 Unit Development Site Near University of Washington

5247 University Way NE, Seattle, WA 98105

This mid-block parcel was acquired by 47 North off-market in 2012. Initial feasibility work proposed a 55 unit building with street-front retail.  Capitalizing on future sound transit light rail extension, 47 North sold the property in order to purchase a development site in Beacon Hill.

Features

Project Goals

  • Property was acquired with income generating leases in place and a commercial loan from US Bank.
  • Proximity to the University of Washington and the extension of the light rail system made this a natural redevelopment opportunity. 
  • 47 North elected to sell the property for more than 2X the purchase price

    Key Investment Highlights

    • Investors retained several hundred thousand dollars in non-refundable earnest money from a buyer who failed to perform.
    • 47 North found a replacement buyer to close the transaction within 30 days resulting in a total investor return in excess of 100% percent in three years



    By The Numbers

    Acquired - 2012

    Sold - 2015

    Lot - 7,440 SF

    Zoning - NC3P-65

    Investment Duration - 3yrs

    Project Team

    Developer:  G&K Brothers, Inc.

    Architect:  Studio 19

    Features of University Way

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