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SEATTLE-The 105-unit Centerpointe Apartments near Amazon’s headquarters on Beacon Hill here has been acquired for conversion. Pacifica Cos. of San Diego paid Fairfield Residential of San Diego $14.5 million or about $138,000 per unit for the 1.6-acre property at 1311 12th Ave. South.

The five-story property was built in 1985. The unit mix includes 94 two-bedroom/one-bathroom units averaging 867 sf and 11 two-bedroom/two-bath units averaging 1,155 sf. In addition to its location adjacent to Amazon, the property sits adjacent a park and has unobstructed views of the Puget Sound, Safeco Field and Qwest Stadium. Amenities include a gated pool and hot tub.

The official buyer and seller names are Fairfield Heights LLC and Pacifica Centerpointe LP. C&W senior director Greg Laycock and partner Steffanie Birkeland represented Fairfield. Laycock tells GlobeSt.com that it will take up to 60 days for Pacific Cos. to get a condo map approved for the property.

Fairfield acquired the property in late 1998 for $9.3 million, which represented a 12% capitalization rate, according to local industry sources. The company reportedly invested an additional $1.2 million in the property over the course of its ownership.

Generally speaking, converters try to acquire apartment for conversion at a price equal to 50% or 60% of what it can generate in unit sales. After costs, such as unit and site upgrades, sales commissions and insurance, the goal is generally for a 25% to 40% return.

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