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July 28, 2005

CB Richard Ellis

The city of Seattle has selected CB Richard Ellis as the property manager of the 990,500-square-foot Seattle Municipal Tower. The city rebids the contract every five years.

JER Partners of Los Angeles has bought Covington Farms, a 352-unit apartment property near Everett Mall, from Covington Associates LLC of Seattle for $25.65 million, or $72,869 per unit. Jim Claeys of CB's Seattle office represented the buyer and seller. He says the property was priced below the estimated replacement value more than $125,000 per apartment. Covington Farms has indoor and outdoor pools, an indoor basketball court and weight room.




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