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$31M Apartment Sale Sets Record

RENTON, WA-The buyers, looking for something to spend 1031 Exchange money on, spends an "astronomical" $167,000 per unit for the 182-unit Alexan Lake Washington, setting a new price-per-sf benchmark for the City of Renton.

By Janet Parker | Updated on May 14, 2002

RENTON, WA-The 182-unit Alexan Lake Washington waterfront apartment complex here has sold for $167,000 per unit, a record price for the City of Renton. The property is located at 2100 Lake Wash. Blvd. The sale price was $30.5 million.

Greg Laycock, with the Seattle office of Cushman & Wakefield, has brokered a number of multi-family properties throughout the Puget Sound. “The (Alexan) price is astronomical for Renton,” Laycock informs GlobeSt.com. According to his records, the most previously fetched was $111,875 per unit.

Laycock says the Alexan transaction was driven by the 1031 tax-consequences hovering above the head of the buyer, a Mr. Sobrato of Cupertino, Calif. According to Laycock, Sobrato has been quickly hunting for properties where he could stash cash from a whopping $350 million in transactions.

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