$118.8M in deals shows commercial property market improvement – Puget Sound Business Journal

Three big property sales in less than a week in the Seattle area show that the commercial real estate market continues to thaw.

On Jan. 27, longtime local apartment developer Claudio Guincher of Bellevue-based Continental Properties Inc. sold two apartment properties in Kirkland to Arizona-based apartment investor Archstone for $47.46 million.

Continental bought the multifamily properties, which include the 29-unit Aqua View and 102-unit Carillon Heights apartment complexes at 5502 and 5306 Lake Washington Blvd. N.E., from the Seattle-based Skinner family in 2005 for $32.4 million. Continental converted 48 of the 179 units to condominiums and sold them out in 2007. Continental kept the remaining 131 units as apartments during the recession before selling them to Archstone late last week.

via $118.8M in deals shows commercial property market improvement – Puget Sound Business Journal.

Advertisements
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s