Education

Seattle Complex Sells in King County’s Second-Biggest Apartment Sale of the Year

by Bruce Kahn | Jun 12, 2017

The nation’s largest owner of student apartment properties has paid $112.1 million for a 283-unit complex next to the University of Washington’s Seattle campus.

It’s the second biggest apartment sale of the year in King County, after the $141 million disposition in February of a new complex in South Lake Union.

Twelve at U-District Twelve at U District, formerly Ava University District, sold Friday for nearly $112.1 (KING COUNTY ASSESSOR’S OFFICE).

A deed that King County posted Friday shows that Austin, Texas-based American Campus Communities (NYSE: ACC) paid AvalonBay Communities (NYSE: AVA) for Ava University District at 4535 12th Ave. N.E.

This is American Campus Communities’ only property in Seattle, according to the company’s website, which shows the four-year-old property has been renamed Twelve at U District. The company says it’s is the nation’s largest developer, owner and manager of student housing apartment communities.

The two-building complex’s construction cost was $50 million, AvalonBay officials said when they broke ground on the project. The apartment complex also has 12,000 square feet of retail space.

Large developers have been actively developing in the U District.

Last month, Paul Allen’s Vulcan Real Estate opened the 208-unit Augusta Apartments, 4041 Roosevelt Way N.E. In the late 1960s, the site was home to a startup called Computer Center Corp., where then high school students Allen and Microsoft co-founder Bill Gates honed their programming skills.

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