SEATTLE-Locally based Mastro Properties has acquired three apartment buildings here from Prudential Insurance Co. of America with plans to convert them all to condominiums. Mastro Properties paid $40 million for the properties, which contain a combined total of 209 units.
The purchase includes the 62-unit Oliver Apartments at 1125 E. Olive St. on Capital Hill; the 72-unit Jeffrey Apartments at 412 11th Ave. near Seattle University; and the 75-unit Mosaic Apartments at 668 S. Lane St. in the International District. The buildings are all five-stories over concrete and were developed within the past couple of years. The Oliver includes 3,371 sf of retail space and the Mosaic includes 3,875 sf of retail space.
The purchase price translates to about $191,400 per unit. Sales for the converted units are slated to begin May 15. The expected sale price range is $196,875 for a studio at Jeffrey and $375,000 for a two bedroom-two bath unit at Oliver. The retail spaces will be sold either to their tenants or to investors. The plan is to convert all three properties this year.
Company founder Michael Mastro tells GlobeSt.com the expected sellout price is $60 million. Wanting to maintain a little mystery regard the ultimate profit, Mastro declined to value the additional investment he expects to make to prepare the units for resale.
CB Richard Ellis broker Jon Hallgrimson brokered the transaction.
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