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13-Story Apartment Tower Sells to Converter

SEATTLE, WA-Seattle-based Wysong Group acquires the 1950's-era Decatur apartment building on First Hill for $25.7 million with plans to flip its 146 units as condominiums later this year.

By Brian K. Miller | Updated on July 21, 2006

(To read more on the multifamily market, click here.)

SEATTLE, WA-The 13-story Decatur apartment building on First Hill here will be converted to condominiums by the locally based Wysong Group. The development company acquired the 146-unit 1950s-era property earlier this month for $25.7 million or $176,027 per unit. A company source tells GlobeSt.com that planned pre-sale improvements will cost $4 million, pushing its per-unit cost basis over $200,000.

Located at 1105 Spring St., the Decatur was one of the first concrete and steel high-rise buildings in Seattle. It was designed by architect John Graham Jr., who also designed the Space Needle. Most of the upper-floor units have city, water and/or mountain views. The property is located within walking distance of major employers and mass transit.

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