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