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.