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Shorewood deal is fourth largest in King County for 2010
The sale of the Shorewood Heights apartment complex on Mercer Island late last summer is listed as the fourth largest King County real estate deal of 2010 in the most recent issue of the Puget Sound Business Journal.
The PSBJ story indicated that last year the sales of large apartment developments led real estate deals in the county. The biggest commercial real estate deal of the year was the sale of the Bravern office towers and garage in Bellevue for $410 million.
Shorewood Heights, the 45-acre apartment community on the northeastern corner of Mercer Island, sold to Goodman Real Estate of Seattle and its investment partner, Pinnacle Investments, which purchased the 645-unit complex for $109.9 million. The Reporter first reported on the sale in late July 2010. The sale was completed in September.
According to the story and the broker who finalized the deal, the seller actually got 20 percent more than they anticipated. The final deal is for a 4.2 percent interest-only deal for the first 10 years.
Just five years earlier, the property had sold for $141.3 million to Security Properties and Principal Global Financial in December of 2005. Seven years prior, the property had been purchased for $55 million.
In 2002, 78 new homes were added. In 2007, the city approved a permit for the construction of 124 new apartments and town homes (to be converted into condos later). They were not built at the time and the permit remains open, city of Mercer Island officials said.
Shorewood Heights was originally built in 1949 by Island resident Charles Clise.