10/1/2007

Seattle's Harbor Properties sells new development

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Rendering of the Ellipse Apartments

Longtime local developer Harbor Properties sold its recently completed Ellipse apartment complex at 4744 12th Ave. NE in Seattle for $18.3 million to global investment company BlackRock.

It was the second recent deal between the two firms as Harbor sold its Helix Apartments, adjacent to the Ellipse, to BlackRock earlier this year.

Jon Hallgrimson and Frank Bosl of CB Richard Ellis represented Harbor Properties in the deal. Marcus Amaro represented the buyer in-house.

The Ellipse Apartments is a five-story wood frame structure that sits atop an underground parking garage. There are 73 units in the building consisting of 45 one-bedroom, one bath apartments, 10 two-bedroom, two bath units, eight one-bedroom, one bath townhomes and 10 studios.

Harbor Properties has been developing in downtown Seattle since 1972. The company is involved in the acquisition and development of both residential and commercial properties as well as resort management in Washington.

BlackRock manages $1.230 trillion across fixed income, equity, liquidity, asset allocation/balanced, real estate, and alternative strategies for institutional and retail clients worldwide.

Address: 4744 12th Ave. NE, Seattle, Wash.

Size: 73 units

Built: 2006

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Filed Under: Multi-Family

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