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December 2, 2020

7 U District units sell for $2.3M

SEATTLE — In a footnote to Greystar's $19.6 million land purchase for its planned Lakeview student housing tower, the landmarked Villa Camini apartments have sold again. A Greystar-related LLC had acquired the corner building, at 1205 N.E. 42nd St., for $3.9 million. That was in October.

Then, just before Thanksgiving, Greystar flipped Villa Camini for a bit over $2.3 million, according to King County records. The buyer was MC Villa Camini LLC, associated with Colliers, which also brokered the larger land sale in October. Public records indicate a loan from Pacific Premier Bank.

The deal was worth about $335,714 per unit. Greystar kept the air rights, or development rights, from the two-story Mediterranean Revival-style building, which dates to 1925. That deal allowed some extra floor area at Lakeview.

Greystar last month announced the commencement of construction at 4126 12th Ave. N.E. There, the 21-story Lakeview will have 226 units with 597 beds. Weber Thompson is the architect, and Greystar is the builder for a project it values at $145 million.

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