The new owner is a partnership that included an individual 10-31 exchanger and Guardian Management, a regional owner and manager of apartments. As part of the purchase price, the partnership assumed an existing $7.7-million loan carrying an interest rate of 7.09%. The California-based seller was represented by Phil Oester of Hendricks & Partners.
Oester describes the property as "a B- complex in an A- location." "This was the only asset they had in the Northwest," he tells GlobeSt.com. "They tried to sell a couple of years ago but the market just wasn't there, so they spent the time upgrading the property and increasing rents; this time it just barely got to market and it was under contract."
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