Granite Peak Partners Acquires Three Seattle Apartment Buildings for $34 Million

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Granite Peak Partners, a real estate investment firm based in Santa Barbara with offices in Los Angeles and plans for a new office in Seattle, has acquired three apartment buildings in Seattle's Queen Anne and Capitol Hill districts for $34,250,000. Escrow on all three properties closed on November 30.

Granite Peak Partners, a real estate investment firm based in Santa Barbara with offices in Los Angeles and plans for a new office in Seattle, has acquired three apartment buildings in Seattle's Queen Anne and Capitol Hill districts for $34,250,000. Escrow on all three properties closed on November 30.

The seller was Birkeland and Associates. The properties were purchased as a portfolio. Steffenie Birkeland and Joe Maas with Synergy Real Estate in Seattle represented the buyer and seller in the transaction.

The first property, known as Queen Vista (321 Queen Anne Ave N.) is a six story, 67,490 square foot complex with 87 apartment units. The second, Highland Crest (1205 Queen Anne Ave N.) is a 23,828 square foot, four-story apartment building containing 34 units. The third property, The Summit (733 Summit Ave E.), is a four story, 52-unit building with 31,860 square feet of rental space.

Some renovation will take place on all the properties. "Condo conversion is not in the plans," says Bruce Savett, a partner at Granite Peak. "With Seattle's low rental vacancy rate, the demand for high-end apartments will continue to grow. Granite Peak Partners has established a presence in Seattle by purchasing 5 buildings, 338 units in total, in 2006. We are excited about the continuing strength and potential rental growth of the apartment market and will continue to be aggressive buyers in Seattle in 2007."

Granite Peak Partners acquired the apartments for a private investment fund syndicated to high net worth investors. In October, the firm purchased Crest Manor, also in the Queen Anne district for approximately $4 million. Earlier in the year the firm purchased, jointly with Wysong Capital, the Press Apartments I and II in Capital Hill.

Granite Peak Partners is a full service real estate investment firm providing sponsored real estate syndications and 1031 exchange and asset advisory services to qualified individual, agricultural and institutional investors. Target properties are in the $4 million to $40 million-price range primarily in the western United States. For more information, contact Granite Peak Partners at 805-892-4900 or on the web at http://www.GranitePeakPartners.com.

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DIANE RUMBAUGH
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