The aggregate purchase price was $15.6 million or $185,700 perunit, according to Grubb & Ellis, the only brokerage firm inthe deal. G&E senior vice presidents Geza Berger, Dennis Evansand Jim Nichols had the disposition assignment. Stratford, a realestate investment company, used an in-house broker.

The Puget Vista property, a four-story building built in 1967,sold for $7.4 million, or $217,000 per unit. The Hillcrestproperty, two four-story buildings built in 1969, sold for $8.2million, or $163,000 per unit.

"The Puget Vista is located on the southwest slope of Queen AnneHill with panoramic views from most units of downtown Seattle,Mount Rainier, Puget Sound and the Olympic Mountains; The Hillcrestis at the top of Magnolia Hill with great views of the Fisherman'sWharf and the Cascade Mountains from a lot of units," Berger says."It doesn't get much better."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.