Vekst Development purchased 5253 15th Ave NE for $2.1 million MUPed (Master Use Permitted) & Shovel Ready. The completed value for the property is $8 million.
The 28-unit apartment in the University District will serve as a multifamily dwelling of compact studio apartments for an active neighborhood less than a mile from University of Washington, Seattle’s second largest employer of more than 30,000 people. 5253 15th Ave received a walk score of 95 as it presents students and professionals accessibility to an appealing lifestyle location in the University District’s full range of amenities with food, shopping, and entertainment options.
The general contractor for the project is Vekst Construction. Carroll, Biddle, & Bilanko is the acquisition attorney. The interior designer is Clark Barnes.
5253 is the first of many examples of what Vekst Development plans, development site that is attractive, high-yielding for investors while meeting the need of Seattle’s steadily growing population of students and professionals.