Carl sent me a note that the Press Apartments are now going to be the Press Condos and pointed me to this article in the Puget Sound Business Journal, :
Earlier this week, Wysong and Granite Peak paid developer Harbor and partner Heath $33.4 million for the Press 1 and 2 Apartments on Capitol Hill’s Belmont Avenue in Seattle.
Carl asks if I think I agree that these will be the most affordable units downtown. Taking a quick look at the math: $33.4 million / 141 units = $237,000 avg purchase price per unit and then grossing that up for marketing and profit I’d guess that it isn’t likely to be the most affordable downtown but it will be reasonable compared to new construction (not that I’m an expert).
Another interesting quote from the article:
The most recent Apartment Insights researchfrom Cain Inc. and RealData shows condo conversions in the second quarter of 2006 outpaced new apartment construction in the Puget Sound area, with 223 new apartment units built, compared with 401 units converted.
And as always, it’s fun to look at ApartmentRatings.com for these conversions. The Press Apartments are only recommended by 28%.