After 18 months of virtual learning, the successful trade of The M indicates unforeseen strength in student housing sector
Seattle, Wash.– September 17, 2021 – Colliers, a leading diversified professional services and investment management company, has completed the successful sale of The M, a 24-story, luxury student high-rise in Seattle’s University District. Colliers’ Senior Vice President Tim McKay, Senior Vice President Dan Chhan and Senior Vice President Sam Wayne represented the seller in the historic deal which closed at $138,000,000, marking the highest sales price per square foot in Seattle multifamily history.
“This exit value validates the many other towers that are under construction or being planned in the U-District and we expect to see high-rise sales activity accelerate over the next few years as a result,” said Chhan. “On behalf of the team, we are extremely proud to have been a part of this unprecedented transaction that will set the bar for student housing for years to come.”
Based on data from Real Capital Analytics, The M’s final price per square foot is the highest ever to be recorded for a student housing asset nationwide. On top of this milestone, The M ousts downtown Seattle’s Tower 12, priced at $825 per square foot, from the top spot as the high rise with the highest price per square foot paid in the area. Next on the list is Ascent in South Lake Union, priced at $799 per square-foot, and Belltown’s Joseph Arnold Lofts, priced at $746 per square foot.
The M is the University District’s first high-rise apartment tower to be delivered in over 30 years. This was made possible through the 2018 comprehensive rezone which increased the height and density limits in this neighborhood, as well as Seattle’s other urban centers.
Towering above the University District on Brooklyn Ave. NE, The M is an off-campus, luxury high-rise for students offering a mix of fully furnished studio, one, two, three and four bedroom floorplans as well as townhomes. Units feature chef style kitchens with glass appliances and waterfall island countertops, contemporary finishes, and floor-to-ceiling windows with panoramic views. The building’s amenities include an indoor basketball court, theater and recreation room, doorman and security, ground floor retail, outdoor park, secured bicycle storage and underground parking. A fitness center and yoga studio, lounges for relaxing and studying, and a skydeck with outdoor tables, seating, fireplaces and grills are located on The M’s 24th floor. “The Ave” is located just steps away, connecting residents to shopping, dining and entertainment. Other key locations, The University of Washington and University District Light Rail station, are within walking distance.
Allison+Partners for Colliers Puget Sound
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.