SEATTLE—A new downtown loft apartment building sold for $68.2 million this week, according to a local media report.
The Joseph Arnold Lofts, located at 62 Cedar St. in the Belltown neighborhood was developed locally by Schuster Group. The Puget Sound Business Journal, citing public records, says a limited liability company whose address is the same as Atlanta-based Invesco.
The luxury building comprises 131 units. A one-bedroom apartment with views rents for $2,985 a month, according to the property's website.
Joseph Arnold Loft is the second new Belltown apartment building that Invesco has acquired, the Journal says, noting that it it paid just over $41.2 milion for a project called Bell 206.
Joseph Arnold Lofts is the second new apartment building that Schuster has sold in as many months. In March, Schuster sold the 100-unit Muriel's Landing in Seattle's University District for $24 million to FSC Realty, a private California-based company.
Click Puget Sound Business Journal to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
