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February 10, 2012

Edmonds units sell for $18.7M

By JOURNAL STAFF

EDMONDS — Paul and Barbara Stephanus of Seattle paid $18.65 million for a 177-unit apartment called Pacific Park in Edmonds.

The owners plan upgrades to the property, which was built in 1984. The occupancy rate is 92 percent. Rents average about $1 per square foot. The cap rate is 5 percent.


 
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