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December 22, 2017
Don't call them modular! The innovative “kit of parts” apartment complex called 47+7, at 4558 Seventh Ave. N.E. in the University District , has sold for $8.8 million, according to King County records.
The seller was Wallace Properties SLI, whose Erik Peterson and Allison Jones were the brokers.
The buyer was Brilliant City LLC, which is associated with a private investor in Bothell.
The six-story, 24-unit building went on the market in July, without a list price; offers were due in August. The sale was worth about $367,250 per unit.
47+7 was a demonstration project for Sustainable Living Innovations, a division of the architecture firm CollinsWoerman.
SLI and Wallace acquired the 6,420-square-foot site in 2012 for $975,000. The wall and floor panels were constructed offsite by SLI, and Sellen began on-site construction in 2014. Panels were trucked to the site and individually jacked into place — from top to bottom — within a steel exoskeleton.
SLI sold its interest in the project to Wallace for $600,000 in 2014.
47+7 was completed last year and is now fully leased. It won several design awards. It has a number of green features including low voltage electrical lighting, natural ventilation, solar panels, concrete floors and high-efficiency windows and insulation.
Each floor has four one-bedroom apartments, ranging from 426 to 534 square feet. The location is walkable to the U District light rail station that will open in 2021.
47+7 is generally considered to be a feasibility prototype for a 38-story, 424-unit apartment tower being planned for 1800 Terry Ave. in the Denny Triangle. CollinsWoerman/SLI is the architect for that project, and Seawest Investment Associates and One Eighty are the developers.
At its last design review in September, 1800 Terry was recommended to proceed toward a master use permit, which has not yet been issued.