SEATTLE –– CBRE and the University of Washington launched a request for qualifications today, seeking a student housing developer and operator of a rare four-property university housing and development site portfolio in Seattle, Washington. The portfolio includes four existing residential properties, flanking or near the UW Seattle campus, encompassing 694 apartments on 36.5 acres.
Kyle Yamamoto, Jon Hallgrimson, Mark Washington and Eli Hanacek with CBRE’s Pacific Northwest multifamily team are advising UW in the search for a developer. The opportunity is for a lessee to enter into separate ground leases for all four properties, with UW as the lessor. The ground leases can run for a maximum of 80 years.
The largest property in the portfolio is Radford Court, a 399-unit apartment community on 22.3 acres at 6301 65th Ave NE. Radford Court was built in 2000 and is a candidate for renovation or, potentially, redevelopment.
The second property is Nordheim Court, encompassing 135 units on 3.1 acres at 5000 25th Ave NE. Nordheim Court is the most recently constructed, completed in 2003, and is likely to continue operations with some improvements made to the property.
The third property is Blakeley Village, totaling 80 units on 4.7 acres, located next door to Nordheim Court at 5000 25th Ave NE. Blakeley Village was built in 1981 and is a prime candidate for redevelopment into a newly constructed, 900-plus bed, student-focused apartment project.
The final property is Laurel Village with 80 units on 6.4 acres at 3800 E Stevens Way. Laurel Village was also built in 1981 and is slated for redevelopment with initial plans calling for new construction of at least 160 units. The property will cater to student families with an on-site childcare facility.
All four properties are located either on the border of the UW campus or within a few minutes’ drive. Radford Court is the furthest away at 2.5 miles. Blakeley Village and Nordheim Court are both adjacent University Village, Seattle’s only outdoor lifestyle shopping center.
“The University of Washington’s housing portfolio is one of the premier student housing opportunities in the nation and should garner exceptional interest from the industry’s most qualified student housing developers and operators,” said Mr. Yamamoto, first vice president at CBRE and UW alumnus.
UW welcomes over 48,000 students to its Seattle campus each year, in addition to 26,000 faculty and staff. Reuters has repeatedly ranked the school as the most innovative public university in the world.
The University is currently pursuing a 6-million-sq.-ft. campus development project.
“The launch of this search for a student housing developer and operator for University Housing Four is part of UW’s long-term master plan for the campus. We know more on-campus housing will be needed to provide exceptional places for students to live proximate to the University. We are looking for a lessee aligned with our vision, who can help provide UW students with high quality, affordable options for housing,” said Rob Lubin, Director for Housing & Food Services Facility Planning, University of Washington.
RFQ responses are due October 14, 2022, with the final lessee to be named in 2023.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.