Multi-Family/Student Housing

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The Douglas
Student Housing at Seattle University

In late 2008, Seneca Group was contacted by Seattle University (SU) to evaluate the potential of recapitalizing and managing the delivery of Seattle University’s first private student housing project on its campus. Earlier that year, after other failed attempts to add new housing supply to its existing inventory, SU had entered into an agreement with a private developer to construct a 250+ bed student housing project at the corner of 12th Avenue and Cherry Street, in between SU’s Logan Field and Championship Field. As market conditions deteriorated, the deal began to unravel, leaving SU with a fully entitled project, forecast future enrollment that could not be met by the existing on-campus housing supply and a development partner that was not prepared to move forward given the uncertainty in the market.

Seneca Group was up for the challenge. After a few design modifications and revisions to the long-term ground lease with the University, we secured both the debt and equity for the project and delivered The Douglas - a four-story, 259-bed student housing project with one below-grade level of parking and 15,000 square feet of street-level commercial space – in time for the start of SU’s 2011/2012 academic year. In addition to managing the overall project’s design, permitting and construction, Seneca managed the lease-up of the residential units and the commercial space and arranged permanent financing. We continue to act as the asset manager for the owner.

With The Douglas, a new standard has been set for student housing on SU’s campus and a trusted partnership has formed between Seattle University and the owner’s property management and asset management teams.

Since its first year in operation, The Douglas has achieved 100% occupancy of its residential units.