student housing The .75-siteis located at 4731 15th Ave. NE in the University District, blocksfrom the historic Greek row.

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SEATTLE—An investment partnership recently acquired its firstSeattle student multifamily development site. Student housingdeveloper and operator, Peak Campus, in conjunction with itsinvestment partner, Blue Vista Capital Management LLC, acquired thesite located at 4731 15th Ave. NE in the University District.

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The .75 acre site is just blocks from the main entrance to theUniversity of Washington and its historic Greek row. It will becomehome to a new student apartment community to serve University ofWashington students.

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The new project, Theory U District, will consist of aresidential program of nearly 500 beds with studio, one-, two-,three-, four- and five-bedroom apartments that come fullyfurnished. An abundant amenity package will be offered including arooftop deck, multiple study rooms, a landscaped courtyard foroutdoor activities, fitness room, parcel lockers and parking.

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"We are excited to serve the growing demands of a world-classuniversity with a well-conceived plan and an excellent location,"said Jeff Githens, president of Peak Campus Development. "Thisproject continues the growth of our development platform into majoruniversity markets."

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The site was previously owned by the University ChristianChurch/UCC, which moved out of the property last summer. Demolitionof the site's previous building has been completed by UCC andvertical construction for Theory U District will commence later in2020 for a fall 2022 opening.

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"As our first Seattle project, we're excited to bring ourextensive experience in student housing development and managementto the U-District's growing market," Githens tells GlobeSt.com. "Asour Theory U District development moves forward, we look forward tocreating a differentiated project that will benefit our futureresidents and the University District neighborhood as a whole."

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Student housing pre-leasing for fall 2019 was on the same paceas the previous year, with statistics for both years reported at65% pre-leased, according to Axiometrics.  The mostnotable change in pre-leasing year-over-year was the fact that mostcompanies started the pre-leasing process earlier–many as early asSeptember, according to Pierce Education Properties.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.