SEATTLE-Harbor Properties selling the Helix and the Ellipse, its two new apartment developments in Seattle's University District. The buyer is an advisory client of Blackrock Realty, the private equity investment management arm of publicly held Blackrock Inc. of New York City.

The Helix, a 78-unit, six-story project with 19,000 sf of street-level retail at the high-traffic corner of Northeast 50th Avenue and 12th Avenue Northeast, changed hands last week for $20.66 million, according to King County records. Lease up of the building's units began last month. The Ellipse, a 73-unit development located further down 12th Avenue that is still under construction, will be sold upon completion later this year for an as yet undisclosed price.

Harbor Properties CEO Doug Daley tells GlobeSt.com the sales provide capital to continue developing. Last year, Harbor Properties acquired a site in West Seattle, near the bridge to interstates 5 and 90, and is currently seeking approvals for a 110-unit project. Daley says he expects to break ground for that project and at least two others this year, an historic building renovation at Union and Western in Downtown Seattle that will add 27 apartment units to the building, which is anchored by the restaurant Typhoon, and an apartment development on First Hill for which details have not yet been released.

Last August, Harbor Properties sold two similarly-sized apartment buildings on Capitol Hill. Locally based condo converter Wysong Group paid $33 million for 143 units in two five-story apartment buildings known as Press One and Press Two. Press Two, which was in its final stages of construction, was to be sold off as condos rather than leased up as apartments as Harbor Properties had planned.

Brokers Frank Bosl and John Hallgrimson with CB Richard Ellis assisted with the sale of Helix and Ellipse. Local private investor Jim Sepic was an investor in the projects.