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June 19, 2018

17 Greenwood units sell for $5.9M

By JOURNAL STAFF

SEATTLE — The Terra Apartments, at 730 N. 85th St., sold for $5.85 million, according to King County records.

The seller was CRE 85th Street Partners LLC, which acquired the property in 2015 for almost $3.2 million.

The buyer was Morgan Terra Holdings LLC, which is associated with a residential address in Portland. Public records indicate a loan from HomeStreet Bank.

Brian Platt and David Petersen of Paragon Real Estate Advisors represented the seller. The deal was worth about $344,117 per unit.

The property had been on the market for about five months, offered at $6.2 million. Paragon says the apartments are 96 percent leased, and have a cap rate of 5 percent.

Previously called Casa Barbara, the building was recently renovated.

Developed in 1971 on a 14,625-square-foot midblock parcel, the four-story building has 17 units and 22 parking spaces. The building is midway between the Greenwood commercial strip and Aurora Avenue North.




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