The record currently belongs to Le Chateau at Richards Creek, also in Bellevue, which sold in 1999 for $188,000 per unit. Several companies, including local Murray-Franklin and Florida-based Crescent Heights, have taken runs at buying the property, but no deals have thus far made it to the finish line.
"We don't have to sell," Paul Herskowitz tells Globe St. The senior VP of development for Simpson says, "We're what you'd call 'interested sellers' but we're in no hurry because we know the property has that value and its performing fine."
At present the occupancy rate at The Seasons, located between Downtown Park ad Old Main St., is running in the low 90's with rents averaging about $1.75/sf on its apartments that average 912 sf. There are a few studios, but most units are one, two and three bedrooms.
Asked if he though the economic slowdown in the area would affect rents on the building, Herskowitz responded, "Typically our experience has been that down turns affect properties below the top end, and The Seasons is a top-end complex."
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