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Peak Campus and its investment partner, Blue Vista Capital Management LLC, are set to break ground on new student housing near the University of Washington later this year.
The site, at 4731 15th Ave. NE, was formerly home to the University Christian Church, which operated there for 90 years.
In May, Peak Campus purchased the property as University Christian Church’s congregation merged with Lake City Christian Church. The site is about three-quarters of an acre and is blocks from UW and its Greek Row.
The new student housing apartment community, dubbed Theory U District, will have about 500 beds in studio, one, two, three, four and five fully furnished bedroom configurations. Amenities will include a rooftop deck, multiple study rooms, a courtyard, a fitness room, parcel lockers and parking. The project is set to deliver in 2022.
With upzoning allowing for more vertical development, the U-District is undergoing significant development. Roosevelt Commons recently sold for $157M, Vulcan sold Augusta Apartments for $98.1M, Landmark Properties purchased an eight-parcel site for $39M, and Touchstone and Portman Holdings will develop two commercial office buildings.
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