According to a report by the Puget Sound Business Journal, the Broadstone Koi apartment complex (1139 NW Market St) sold for 57 million dollars last week.
The 180-unit complex was purchased by CBRE Global Investors, a limited liability company that buys real estate for investors.
According to the report, the company is one of the world’s largest real estate investment management companies with more than $90.2 billion in assets.
Alliance Residential Co. originally bought the site for $7 million back in 2008 and broke ground for the building of Broadstone Koi in September 2011.
Photo courtesy of King County Assessor’s Office.
Muwahahaha!
New property managers are Property Solutions, Riverstone Residential Co.(one star on Yelp!) They reportedly handle short sales of buildings – getting creditors to agree to be paid pennies on the dollar, rather than having the property declare bankruptcy.
There have been so many new upscale apartments permitted in a few Ballard blocks, I wonder if they’re all going to end up this way. Could be a cold winter for contractors.
Seems the business plans for all these apartments depend on charging high rents. Are there that many people working somewhere else in Seattle who can pay these? Ballard certainly can’t.