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November 13, 2015

Greystar pays $38M for site on Fairview

SEATTLE — An entity related to Greystar paid $38.4 million for a half-block where it is planning a two-building apartment complex at 425 Fairview Ave. N. in South Lake Union.

Plans call for a 24-story tower and a seven-story midrise building with a combined 433 units. There will be 9,500 square feet of retail and 520 parking spaces.

Property records show Greystar paid approximately $653 per square foot for the five parcels on the west side of Fairview between Harrison and Republican streets.

Weber Thompson is the architect and The Justen Co. is also working on the project.

South Carolina-based Greystar is developing more apartments on the other half of the same block. That project, at 400 Boren Ave. N., has 282 units.

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