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University Manor Sells For $13M, $448K For Each Gargoyle

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Photo: Joe Mabel/Wikimedia

When you think of the University Manor Apartments, you probably think of brickwork and gargoyles that adorn the outside of the building. What you probably need to start thinking about is how perfect a location it is for the impending University District light rail station. Although it won't open until 2021, the fact that the station will be right around the corner was a good enough reason for Gibraltar/Persus Capital Partners to snatch up the eight-story building for $13M recently.

Bad news for tenants, a rep with the company said the value of the light rail station "will allow University Manor to charge rents closer to those of downtown properties." Double bad news for tenants, the rep also added that ground-floor apartments could be converted back into retail spaces if it seems financially viable.
· Coming of light rail is already driving real estate investments in Seattle [PSBJ]
· U District Light Rail Station Battle [Curbed Seattle]