Beacon Avenue

Project Details

Transit Oriented Development Site Next to Light Rail Station

2538 Beacon Ave S, Seattle WA 98144

This site was acquired off-market in 2015 as the up-leg for a 1031 exchange after the sale of our University Way property. 47 North originally planned to develop a 75 unit building totaling 50K SF with street level retail space. The immediate proximity to mass transit in the heart of North Beacon Hill made this an ideal opportunity. Capitalizing on recent neighborhood trends, 47 North elected to sell these properties in 2016 after receiving an unsolicited purchase offer.


Project Goals

  • Through collaboration with a long time 47 North architect SHW a 75 unit site schematic was developed.
  • 47 North performed environmental due diligence testing to confirm the lack of contaminants on the project site related to adjacent historical uses.
  • Originally intended as a long term hold, 47 North chose to sell the development and exchange into the land for our current Fairview Shores project.

Key Investment Highlights

  • This property was sold 
  • The off-market sale opportunity was created through long standing industry relationships
  • While approached almost immediately to sell the property after our initial purchase, 47 North negotiated an extended closing in order to ensure that investor profits were taxed at long-term capital gain rates.

By The Numbers

Acquired - 2015

Sold - 2016

Lot SF - 11,125

Zoning - NC2P-65

Buildable SF - 52,843

Investment Duration - 1yr

Interesting Project Fact

This property was purchased from a woman who competed in the 1948 London Olympics for her home country of Canada!

Project Team

Developer: YUXH Realty (current) and 47 North

Architect: Studio19

Features of Beacon Avenue

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