Harbor Properties developed the two Press buildings as a joint real estate venture with Heath Properties, a real estate subsidiary of a local printing company that inspired the projects' name. The buildings are located at 1610 Belmont Ave. Wysong's minority partner in the acquisition is reportedly Granite Peak Partners Inc. of Santa Barbara, CA.

The studio, one- and two-bedroom units in Press II range from 500 sf to 1,000 sf and reportedly will be flipped by Wysong for between $200,000 and $500,000 apiece. The building includes about 4,000 sf of ground-floor retail space, a community room, rooftop deck and exercise facility. The target buyer is the 25- to 35-year-old who cannot afford to live in Downtown.

"Like our other projects, Press will enable us to offer moderately priced homes to Seattle's workforce population," says Wysong founder/president Jeff Wysong.

Shortly before closing on the Press Apartments, Wysong closed on the 13-story Decatur apartment building on First Hill. The 146-unit 1950s-era property houses primarily one- and two-bedroom units ranging in size from 540 sf to 830 sf. Wysong says it will invest an additional $4 million in upgrades to the units before flipping them later this year. The sale prices are expected to range from the low $200,000s to the mid $300,000s.

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.

While the Press Apartments were an off-market transaction, there were more than 20 offers received for the Decatur, listing broker Kenny Dudunakis of Hendricks & Partners told GlobeSt.com. If the property were remaining an apartment property, the sale price would translate to a first-year capitalization rate of 4.25%, said Dudunakis, who marketed the property with fellow H&P broker David Young.

Wysong Group specializes in converting apartment buildings. The company has participated in 12 projects since 1997. Recent projects include Saxony in Sammamish; Cooper Square in Greenwood; Windsor Court in Lower Queen Anne; and Mira in Kirkland.

Harbor Properties currently has two other apartment developments underway. Most recently, it began construction on the second phase of Ellipse, a 72-unit residential complex located in Seattle's University District at the corner of Northeast 50th Street and 12th Avenue Northeast. Already well under construction and scheduled to open in January is Helix Apartments, a 77-unit building located across the street from Ellipse.

Looking further ahead, Daley tells GlobeSt.com that the company recently acquired a site in West Seattle, near the bridge to interstates 5 and 90, that ultimately will become a 100-unit apartment building. The company also is planning additional apartment and condominium developments for the Belltown, Capitol Hill, University District and First Hill neighborhoods.