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Belltown Apartments Fetch $185,000 Per Unit

SEATTLE-Site 17, a two-building residential property north of the Downtown core, trades hands for $23.83 million, according to public records. The new owner isn't saying yet whether it intends to convert the units to condominiums, but local industry sources say that's indeed what will happen.

By Brian K. Miller | Updated on May 20, 2005

SEATTLE-Locally based Harbor Properties Inc. has sold Site 17, a 129-unit apartment project it developed on Western Avenue in Seattle’s Belltown neighborhood. The purchase price was $23.83 million, according to public records, which equates to $184,767 per unit. The new owner of the two-building development is a subsidiary of locally based HAL Real Estate Investments Inc. Developed in the late 1990s, Site 17 consists of two adjacent properties, Site 17 and Site 17 North. Current lease rates there range from $775 to $2,000 per month for studios and two-bedroom units, respectively. The development also offers several one-bedroom apartments and 16 live/work lofts. In addition to the apartment units, the project has about 2,700 sf of street-level retail space. HAL Real Estate spokesman Brad Lange declined to comment on whether HAL was planning to convert the units to condominiums, but one industry sources say that is “the most likely scenario given the price paid,” and another says HAL definitely acquired the property as a conversion play. Says Lange, “We are evaluating our options and will be coming out with a communications shortly.” CB Richard Ellis brokers Jon Hallgrimson and Frank Bosl marketed the property for sale and procured the buyer. The sale follows several other property sales by Harbor Properties in recent months. Earlier this spring, Harbor sold Post Alley Court, an affordable downtown apartment complex, and the Holyoke office building in Seattle’s central business district. “This transaction gives Harbor some additional capital to pursue new, urban-infill development projects throughout Seattle’s downtown neighborhoods,” says company president Denny Onslow. Harbor has several new mixed-use residential projects currently under development, including the second-phase of its Press Apartments property on Capitol Hill.

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