BELLEVUE, WA-GlobeSt. readers will have noticed a recent story about a $167 million Tuesday deal between Schnitzer West and Grosvenor Americas in which Grosvenor acquired a portfolio of 11 office buildings from the west coast developer. Turns out that Schnitzer was involved in another transaction, also completed on Tuesday, that was even bigger.
The company sold two 33-story luxury Bravern apartment towers for $307.8 million, or $676,000 a unit, according to a report in the Seattle Times. Citing industry sources and public records, the Times identified the buyer as Invesco Ltd., an Atlanta-based pension-fund adviser.
The apartment community is the residential component of The Bravern, a premier mixed-used project developed by Schnitzer West in the mega block at the corner of Northeast Eighth Street and 112th Avenue Northeast in the Bellevue CBD. Schnitzer West will continue to manage The Shops at The Bravern and The Bravern Office Commons. Riverstone Residential Group will continue to operate The Bravern Signature Residences.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
