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Upscale Apartment Complex Fetches $373K Per Unit

KIRKLAND, WA-A joint venture of Bellevue-based Continental Properties and Palo Alto, CA-based Broadreach Capital acquire the 179-unit Carillon Heights apartment community with plans to convert all or part of the property to condominiums.

By Brian K. Miller | Updated on September 11, 2005

KIRKLAND, WA-Skinner Corp. has sold the 179-unit Carillon Heights apartment community for $66.8 million, or more than $373,000 per unit. The new owners–a joint venture of Bellevue-based Continental Properties Inc. and its Palo Alto, CA-based equity partner Broadreach Capital Partners LLC–plan to convert all or part of the water-view property to condominiums.

Carillon Heights is a 16-acre development that sits on a hillside above the waterfront Carillon Point mixed-use development and marina also owned by Skinner Corp. Units in the apartment complex average 1,400 sf and come equipped with fireplaces, entertaining-sized decks and a garage.

Barbara Leland, general manager of Skinner Corp.’s Carillon Properties, says Skinner Corp. has owned the property since 1945 and developed the apartments as part of Carillon Point in 1990. Skinner Corp. has no intention of selling any other portion of Carillon Point and considers the project a long-term hold for the family, she says.

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