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July 18, 2014

Station at Othello Park is sold to German investors for $75M

Photo courtesy of The Station at Othello Park [enlarge]

The Station at Othello Park, a seven-story apartment building at 4219 S. Othello St. along the Central Link light rail line, sold to an entity related to a German investment company called Universal Investment for $74.76 million.

Property records show the seller is a partnership between local developer Steve Rauf and USAA Real Estate. The price translates to $213,008 per unit for the 351-unit building.

Universal Investment is based in Frankfurt and manages investments worth more than $246 billion.

Some changes are coming to The Station at Othello Park. Permit records show the owner wants to turn more than 10,000 square feet of vacant retail space to 13 live-work units.

The project opened in 2011. The local real estate community was watching because it was the first new large market-rate project in Rainier Valley in 40 years, and one of the first big projects along Central Link.

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