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September 25, 2014

Former Mastro project sells for $22M

Northshore Townhomes is an 86-unit project at 7000 N.E. 186th Place in Kenmore that was developed as condos in 2009 by Mastro Properties and later converted to rental units.

It just sold for $22.1 million to JB Matteson Inc. of San Mateo, California.

The seller was Grosvenor Americas USA Inc. Grosvenor bought the complex for $15.8 million in 2010 from a bank that seized the property from Mastro.

Jon Hallgrimson and Frank Bosl of CBRE managed the marketing and sale.

JB Matteson has been buying properties in major West Coast markets over the last few years, including a 124-unit apartment complex in Columbia City called Greenhouse and the 134-unit Langara apartments in Issaquah.




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