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June 16, 2015

Belltown apartments sell for $40M

Laird Norton Properties [enlarge]

SEATTLE — CWS Capital Partners of Newport Beach, California, bought a six-story, 107-unit apartment building at 211 Lenora St. in Belltown for $40.4 million.

The Lenora Apartments were built in 2000. The Art Institute of Seattle leased all the units for student housing before the building opened. The school began giving back those units this year, and today it is vacant.

The building also has 7,400 square feet of retail space leased to Starbucks Coffee, Wann Japanese Izakaya and Blonde Salon.

Laird Norton Properties and Unico Properties are the sellers. Laird Norton and Unico bought the building in 2010 for $24 million from the original developer, SRM Development.

The Lenora is CWS' first buy in Washington. It plans to renovate the units, hallways and common areas.

CWS was established in 1969 and owns and operates more than 26,000 units nationwide.

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