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Shorewood Heights to be sold again
Shorewood Heights, the 44-acre apartment community on the northeast end of Mercer Island, is likely to be sold in the next couple of weeks. Island real estate consultant Harley Hoppe confirmed through contacts with Goodman Real Estate that the firm and its investment partner, Pinnacle Investments, have an agreement to buy the 645-unit complex.
Later phone calls to Pinnacle about the sale were not returned. A price and a closing date are not yet known.
Pinnacle is a real estate management and brokerage firm headquartered in Seattle.
The firm presently manages or owns more than 175,000 multi-family housing units (60,000 affordable housing units) in the United States and beyond.
Shorewood sold in December of 2005 when Security Properties and Principal Global Financial paid HAL Real Estate $141.3 million for the site. The deal at the time was thought to be the region’s second largest apartment transaction of the year behind Harbor Steps, a mixed-use multi-story project in downtown Seattle.
There are presently 646 apartments within the Shorewood property.
The community has expanded over the years. In 2002, 78 new homes were added. In 2007, the city approved 124 new apartments and town homes (to be converted into condos later) were approved for development. They have yet to be built.
Shorewood Heights was originally built in 1949 by Island resident Charles Clise.