SEATTLE-What some local insiders are calling one of the largest Puget Sound area apartment property sales of 2010, Boston-based Berkshire Group just purchased Elliott Bay Plaza, a 233-unit complex, from the State Teachers Retirement System of Ohio for $54.25 million or $232,832 per unit. The property located in the Belltown neighborhood near the Seattle waterfront and Pike Place Market, as well as the expanding employment base in South Lake Union.
“Investors are aggressively pursuing well-located, core apartment properties in Seattle,” says Jon Hallgrimson, executive vice president with CB Richard Ellis, who brokered the deal on behalf of the seller with his colleague Frank Bosl.
“The Belltown submarket had a strong 2010 and is leading the region into a rental market with higher occupancies and rising rents,” Bosl adds. In addition to an excellent location, the property offers exceptional amenities including a tropical Zen garden, outdoor pool and spa, and one of Belltown’s largest rooftop decks with spectacular 360-degree views of Elliott Bay, the Space Needle and the downtown skyline, according to a prepared statement. Other amenities include a pool-side cabana with a 12-seat theater room, two 24-hour fitness centers, saunas, tanning beds and a media/TV room.
GlobeSt.com queries to Berkshire Group were not answered by deadline.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
