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JV Buys Queen Anne Apts. for Conversion

SEATTLE-The high school was converted to 139 apartments in 1986 and sold to Legacy Partners yesterday for $25.5 million. By the end of 2006, the units will have been sold off as condos for upward of $50 million.

By Brian K. Miller | Updated on November 16, 2005

SEATTLE-Locally based Lorig Associates, which converted Queen Anne High School to a 139-unit apartment complex in 1986, has sold the well-known hilltop property for $25.5 million. The new owner, a joint venture of Legacy Partners and AIG Insurance Co., tells GlobeSt.com it will invest another $5 million to $7 million renovating the property and then sell it off as condos for as much as $60 million. Bob Watson of R.M. Watson Co. was the sole broker in the transaction. Bank of America is providing acquisition financing.

Legacy’s local SVP Kerry Nicholson tells GlobeSt.com that room renovations will be completed in phases. Sales are expected to begin in early spring 2006 and be complete by the end of 2006. The property is 98% leased. Current tenants will be given the first opportunity to purchase.

The units average 800 sf and include high ceilings, oversized windows with city views and historic elements, including the school’s original blackboards. Based on recent comparables, sales could average more than $500 per sf, which would result in a $55-million to $60-million sell-out.

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