Recent Closings
Park Manor Apartments
The Park Manor Apartments were offered for sale on a competitive bid basis, not publicly listed on the open market. Savidge Investment Real Estate represented the purchaser, one of four parties to submit offers. The client assumed a FNMA loan with relatively low leverage, and was able to buy the asset for significantly less money than the competing offers by sidestepping new financing.
Cosmopolitan Land Sale
Savidge Investment Real Estate represented the owners of a corner lot parcel in the Denny Triangle seeking to capitalize on high rise zoning and favorable timing for residential development in this area just north of downtown. After a successful 20 month negotiation, the property sold for nearly $300 per square foot, a record for the area at the time. The Cosmopolitan condominium project, completed several years later, is pictured here.
Qualman Apartments
This majestic, 29-unit apartment building is situated in the vibrant Pike/Pine neighborhood, and was sold to an investor client in 2011. Structural brick construction was a challenge for lenders, but the immediate increase in rental revenue was worth the tradeoff on leverage.
Federal Apartment Building
The property owners of this Capitol Hill brick apartment building were considering a sale of their asset, but had always embraced a “buy and hold” mentality. Savidge Investment Real Estate took the assignment of marketing the property for sale on behalf of the owners during the condominium conversion wave. The property sold for $227,000 per unit with absolutely no seller’s remorse on price.
Woodside Braseth Gallery Relocation
The gallery owners were leasing a prominent location in downtown Seattle, but ongoing street and transit construction had negatively impacted their retail business. Savidge Investment Real Estate reviewed the gallery’s lease document, and noted a provision for a lease termination. A new location was identified immediately, and the new lease was reviewed and executed in a week. The entire process through gallery relocation took a total of 14 days.
Multi Family Land Purchase / Development
After months of searching for a suitable site for development on Capitol Hill, Savidge Investment Real Estate began discussions with the principal of a printing business in the Pike / Pine area. As originally contemplated, the property owner had considered selling an entire city block, save for a single lot, for multi family development. Savidge Investment Real Estate represented a local multi family developer in a progression that lasted two years, settling on the prime corner lots. Phase I of the Press Building, 75 units, is shown here.
