10-11-2013 09:46 PM

New apartment building in Seattle sells for $32 million

A California company, JB Matteson, made an unsolicited offer to buy the GreenHouse, a new apartment project in Seattle's Columbia City neighborhood. GreenHouse was the first market-rate apartment development in the area in four decades. Another large apartment project, the Angeline, is planned for Columbia City.

The Seattle group that developed the GreenHouse apartment building in Seattle’s Columbia City neighborhood has sold the property — after saying earlier that it couldn't let it go.
Officials of JB Matteson Inc., a San Mateo, Calif.-based private real estate investment manager, announced the company bought the 124-unit project at 3701 S. Hudson St. for $32.1 million.
Apartment developer Harbor Urban of Seattle built GreenHouse, the first new market-rate apartment project to open in Columbia City in 40 years. The project, which is three blocks from a light-rail stop, leased up in four months at healthy rents, around $1,475 a month for a one-bedroom unit.
After GreenHouse opened, Harbor Urban put the building up for sale, but then reversed course. In April, Harbor Urban officials said they liked the project too much to let go of it.
Several months later, Harbor Urban formed a new company, Mack Urban, with a New York City group.
Mack Urban officials were not available Friday to explain why they decided to sell.
The property wasn’t on the market when the buyers made an offer, JB Matteson President John Bellack said. He added this company plans to hold onto GreenHouse long term.
Matteson decided to buy GreenHouse due to its proximity to the light-rail station and its Columbia City location, Bellack said. The neighborhood has gone through a renaissance, and Matteson officials expect the area to continue improving.
One other large apartment project is coming to Columbia City. Security Properties of Seattle is developing the 193-unit Angeline at 4801 Rainier Ave. S. A PCC Natural Market will be the project’s anchor retail tenant.

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Marc Stiles covers commercial real estate and government for the Puget Sound Business Journal.

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