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August 07, 2014

Great Gatsby! High price paid for Continental Properties' new Seattle apartment complex

Puget Sound Business Journal

Marc Stiles

The Gatsby Apartments, a new complex on Seattle's Capitol Hill, sold Thursday for just over $35.5 million, according to public records.

The per-unit price of the 70-apartment building at 1145 10th Ave. E. works out to nearly $507,600, one of the highest prices paid for an apartment project in the Puget Sound region, but not a record. The 2013 sale of the Bravern set the record of nearly $676,925.

Continental Properties developed the high-end Gatsby, which has a large central courtyard, on a nearly one-acre site. Records list the buyer as Tehama Gatsby Limited Liability Co. The company's San Francisco address is the same as Fritzi Realty. The head of the company, Bob Tandler, said Fritzi is not the buyer but declined to comment further. This spring, Fritzi Realty sold a 35-story San Francisco apartment tower development site at 41 Tehama St . to Hines and Invesco, the San Francisco Business Journal reported.

Claudio Guincher of Bellevue-based Continental Properties declined to comment on the buying entity. He did, however, say the Gatsby is fully leased with average per square foot rents close to $3. "I would say it's probably the nicest apartment we have built in our 37-year history," Guincher said.

Philip Assouad and Giovanni Napoli, brokers with commercial real estate company Kidder Mathews, marketed the Gatsby for sale. Seattle architecture firm Studio Meng Strazzara designed the Gatsby.

Continental Properties is building a 117-unit condo projec t called Vik in Seattle's Ballard neighborhood, and this spring the company paid $16 million for a downtown Seattle development site where a residential high-rise tower is planned.

For the full story, go to Puget Sound Business Journal .

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