Greg Laycock, with the Seattle office of Cushman &Wakefield, has brokered a number of multi-family propertiesthroughout the Puget Sound. "The (Alexan) price is astronomical forRenton," Laycock informs According to his records, themost previously fetched was $111,875 per unit.

Laycock says the Alexan transaction was driven by the 1031tax-consequences hovering above the head of the buyer, a Mr.Sobrato of Cupertino, Calif. According to Laycock, Sobrato has beenquickly hunting for properties where he could stash cash from awhopping $350 million in transactions.

As a result, says Laycock, the Alexan's price is more comparableto the Bellevue submarket than its own, where apartment salestypically range between $40,000 per unit and $80,000 per unit. TheLa Chateau in South Bellevue sold for $188,095 per unit three yearsago, says Laycock.

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