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April 13, 2016

First 13 homes at Fort Lawton sold; last 13 go on the market this year

Photos courtesy of Rise Properties [enlarge]

The 13 homes in Montana Circle at Fort Lawton all have sold in about three months, and prices on the ones that have closed average $484 a square foot. Prices ranged from $799,000 to $1,050,000.

Nine sales have closed and four are pending, according to Gary Blakeslee of Rise Properties. Four of the houses are two-bedroom and nine are three-bedroom. There are 12 attached homes and one single detached home. Four are brick and the other nine are wood.

Rise is a private real estate investment fund that buys and repositions properties in the Seattle area. It bought the 26 single-family houses and townhouses that once housed officers at Fort Lawton in Discovery Park for $9.5 million.

The seller was Pacific Northwest Communities, a subsidiary of Cleveland-based Forest City Enterprises and the U.S. Navy.

Rise said it has started restoring homes in Officer's Row, which is up the hill from Montana Circle.

Officer's Row has 13 colonial revival style homes that were built in 1900. Exteriors will be restored to meet landmark guidelines, and the interiors will be renovated by a team led by GGLO.

These houses range from 4,027 to 6,600 square feet. They will have new two-car garages and terraces with views of Puget Sound and the Olympics.

Blakeslee said the first home in Officer's Row will be available for sale in July, and all will be on the market by the end of the year.

Here is the rest of the project team: project manager Thrive Developments; historic preservation BOLA Architects; civil engineer KPFF; structural engineer I.L. Gross; marketing Realogics; sales broker Realogics Sotheby's International Realty and preferred lender Caliber Home Loans.

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