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UW Area Apartments Change Hands

UW Area Apartments Change Hands
University district apartments Tyee and Levere recently changed hands.

Two adjacent U-District apartment buildings were recently sold in a portfolio to Seattle University District L.P. for $20M. The buildings have a total of 88 units between them.

The Tyee Apartments complex, at 4115 Brooklyn Ave. NE, was built in 1963 and features 48 units. It has studio, one- and two-bedroom units. The Levere Apartments complex, built in 1927, is a brick structure with 40 studio, one- and two bedroom units at 4105 Brooklyn Avenue NE. The properties have a total of 20,600 SF. The buildings are in a high-rise zoned area and are just two blocks from the NE 41st Street and Brooklyn Avenue Link light-rail station.

“Ultimately, an investor stepped up to buy both buildings with plans to remodel the existing structures and land bank them for the future,” Colliers International’s Sam Wayne said in a statement.

Colliers International’s Tim McKay, Dan Chhan, Sam Wayne and Arvin Vander Veen arranged the deal. Kennedy Tyee LLC and Levere LLC were the sellers. This is the first time these properties have changed hands in 50 years.