Local apartments built during multifamily housing boom sell for more than $30 million
A two-building apartment development in University Place, part of the area’s recent wave of multifamily housing construction, has sold not long after its construction.
The Duo Apartments, 4201 Bridgeport Way W., sold in early February to an LLC affiliated with investors Michael and Gregory Hansch of University Place for $30.46 million. The sellers were an LLC affiliated with SEB Development, also of University Place.
The site includes two buildings, completed last year, on two parcels. The second building fronts 7304 42nd St. W. The buildings offer a total of 104 market-rate units.
The parcels were sold in 2020 to the developer’s LLC for $1.5 million, county records show.
Other SEB developments include Latitude 47 and Clearview 100, 3633 and 3555 Market Place West, part of the University Place branch library neighborhood and a few blocks from The Duo.
SEB sold its Bella on Canyon townhomes in Puyallup, 5402 141st St. E., for $50.2 million in spring 2022.
Last spring, a University Place City Council presentation highlighted projects totaling nearly 800 new units either in permitting or construction in the city, with The Duo property listed among them.
Kevin Briske is director of University Place’s Community and Economic Development Department. He told The News Tribune via email in response to questions that the developer “installed and dedicated 42nd Street as right-of-way.”
The site previously made headlines in 2019 when it was proposed for a new senior housing development for assisted living.
Briske wrote Wednesday that the plan “would have taken some zoning changes to increase the allowed height in the back portion of the site for what they were proposing.”
That proposal called for six stories set back 70 feet from the property line, as opposed to four stories allowed by the city’s regulations.
Briske wrote, “They decided to not pursue those changes and develop the site under the allowed zoning and height restrictions as a market rate apartment project.”
The sale was first reported by The Registry Pacific Northwest real estate website.
