CBRE Brokers Sale of Land Parcel in North Seattle Slated for Future Multifamily Development
17 Dec 2021
CBRE announced the $8 million sale of a land parcel located in north Seattle’s Fremont neighborhood to Kamiak, a real estate investment firm. Kyle Yamamoto, Jon Hallgrimson and Eli Hanacek represented the seller. The 22,920-sq.-ft. parcel is being considered for future mixed-use multifamily development.
The property is located at 4318, 4312 and 4302 Stone Way North, two blocks from N 45th Street’s numerous retail amenities. There are nearly 190 restaurants, bars and breweries within one mile of the property.
The site’s zoning allows for multifamily development. An initial feasibility study proposed a six-story, 121-unit apartment building with ground-floor retail and one level of underground parking. No entitlements for future development were in place at time of close.
“This site is ideal for redevelopment into multi-family housing. It has a coveted location in the heart of Fremont, within walking distance of some of Seattle’s best lifestyle amenities, including eateries, cafes, breweries and lakefront recreation. It is also minutes from major high-paying employers,” said Kyle Yamamoto, vice president, CBRE.
Referred to as the “Silicon Canal,” Fremont is home to a growing tech sector. Several of the region’s established tech companies have opened offices in Fremont in recent years, helping to fuel demand for apartments and significant rent growth. As of November 2021, Fremont has observed +14.3 percent year-over-year average rent growth per Yardi Matrix data.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.