Colliers Sets Records in Sale of 2 Seattle Assets

Both the 23-unit Pomelo Heights and The Willet, comprising 20 small efficiency dwelling units, sold for some of the region's highest prices per square foot.
Pomelo Heights in Seattle

Following the closing of a roughly $27 million Seattle community sale, Colliers International has brokered the transaction of two other properties in the city. Pomelo Heights and The Willet are both located in the University District and total 43 units. The assets traded for new per-square-foot pricing records, achieving an overall trade value of $10.4 million.

Pomelo Heights is located at 4229 7th Ave. N.E., within walking distance of the upcoming Brooklyn Light Rail Station and has a 93 Walk Score. The community includes 23 units across five floors, with an average size of 246 square feet. The property sold for roughly $5 million, equating to $876 per rentable square foot, representing the highest price for a wood-frame building in the region.

The Willet in Seattle

Developed by Kamiak Real Estate LLC, The Willet comprises 20 small efficiency dwelling units (SEDUs) with an average size of 323 square feet. Situated at 4252 8th Ave. N.E., the property traded for $5.5 million, equating to $843 per rentable square foot. The record price is 50 percent higher than the average SEDU sales in the area. The building features sustainable elements, such as rooftop solar power generation, a green roof and energy-efficient appliances.

Executive Vice President Dylan Simon and Vice President Jerrid Anderson of Colliers’ Seattle Multifamily Team closed the transaction.

Images courtesy of Colliers International