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February 13, 2018

Minority stake in Cirrus tower is sold for $103M

Journal Staff Reporter

Rendering by Weber Thompson [enlarge]
The 41-story, 355-unit Cirrus apartment tower has 244 parking stalls and 3,800 square feet of retail.

A minority interest in GID Development Group's new Cirrus apartment tower, at 2030 Eighth Ave. in the Denny Triangle, has sold for $103 million, according to King County records.

The seller was Black Emerald B 2013 Inc., a foreign corporation associated with Abu Dhabi Investment Authority.

The buyer was Windsor Cirrus LLC. That foreign LLC is associated with Boston-based GID and The Benson Associates, which could not be traced. Windsor Cirrus acquired a 35.65 percent interest in the property. The majority 61.35 percent interest is still owned by another GID-related entity, Windsor Advisers 2030 Eighth Avenue LLC.

Brokers, if any, were not announced.

Designed by Weber Thompson and built by Sellen, the 41-story, 355-unit Cirrus opened in 2015, and is managed by Windsor Communities.

The LEED silver-certified building has 244 parking stalls on seven underground levels, and about 3,800 square feet of retail.

In 2016, it was named high-rise residential project of the year by NAIOP.

Public records indicate a $140 million loan modification with Massachusetts Mutual, which helped finance the project.

GID acquired the site in 2013 for $13.4 million through an LLC. It is on the corner of Lenora Street, near Amazon's rapidly expanding Denny Triangle campus.

GID recently completed the 41-story, 396-unit Stratus, at 2101 Ninth Ave., just around the corner. Windsor Communities also manages Stratus, and other local apartments including The Whittaker in West Seattle. The Whittater was a joint venture of GID and Lennar Multifamily Communities. Windsor shares an address with GID.

Privately held GID is a global developer, owner and property manager that was founded in 1960. The company website says it has a portfolio of existing and under-development properties worth over $13 billion. The multifamily portfolio includes 81 properties with 22,682 residential units.