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Granite Peak Partners Closes $33M Sale

SEATTLE-The popularity of acquiring core multifamily properties in the Puget Sound region continues, according to CB Richard Ellis.

By Natalie Dolce | Updated on November 01, 2010

SEATTLE-The popularity of acquiring core multifamily properties in the Puget Sound region continues, according to CB Richard Ellis Inc., as three Seattle close-in properties totaling 173 units sold for $33.3 million, or $192,196 per unit. The Q and The Park, situated on Queen Anne Hill and the Summit in the Capitol Hill neighborhood were sold by Granite Peak Partners to an undisclosed institutional investor.

CBRE’s Jon Hallgrimson, executive vice president and Mark Zoffel, team leader of the Seattle private client group represented the seller in the transaction. All three properties were recently repositioned in the market, undergoing renovations that totaled nearly $4 million.

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