New Owners To Invest In New U-District Property
UW Pacific LLC recently acquired Pacific Apartments in the U District for $6.85M. The 34-unit apartment will be renovated, rather than redeveloped.
UW Pacific focuses on owning and managing low-rise properties in Seattle.
“Properties across the U District are highly stable investments due primarily to the ongoing demand for housing from the student population,” said Colliers International’s Tim McKay, a member of the team that represented UW Pacific.
Many of the multifamily properties in the U District are redeveloped to create denser, taller construction, making the renovation plan an anomaly in the market.
Colliers International’s Dan Chhan and Sam Wayne were also part of the team that represented UW Pacific. Over the last five years, the team has completed 11 apartment sales and land transactions in the U District valued at $52M.