Tuesday, June 16, 2015
Is Paying $40 Million for an Empty Apartment Building in Seattle Crazy?
Not according to CWS Capital Partners, a real estate investment management company out of Southern California. The Puget Sound Business Journal reported CWS Capital Partners purchased the Lenora Apartments, a 15-year-old property in the Belltown neighborhood for approximately $40.4 million. This is 67% more than what the sellers paid for the 107-unit property five years ago.
The Art Institute of Seattle had a master lease on the property for student housing. However, now the building sits empty due to the expired lease. More information on this can be found in the Puget Sound Business Journal article.