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Thursday, December 13, 2007

Wanna Buy The Lock Vista? Got $32 Million?

posted by on December 13 at 0:01 AM

It appears that residents of the Lock Vista Apartments may have gotten a reprieve from a planned condo conversion. At least for now. According to a post on Craigslist, the 192 unit apartment complex is up for sale again.

The contact info listed on the post indicates the sale is being handled by the Northlake Group, who had originally intended to buy and convert the building. However, Northlake is not listed as the property owner in King County’s online property records.

The Seattle Housing Authority had discussed purchasing the complex, or at least a few of the buildings, but they had been struggling to come up with money for the site.

I’ll update with more info in the morning and find out what happened with the sale.

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RSS icon Comments

1

7 minutes from the downtown Business District? Yeah, maybe if you commute in an F-16.

Posted by Sieben Minuten | December 13, 2007 6:22 AM
2

Though not as meaty, one of the most irritating things about the conversion craze is that cool buildings next to cool things will eventually be %100 converted. There's no gem-scoring in the future renter's market. I lived at Lock Vista in 2002 and paid $600 for a one bedroom full of cool midcentury details. Memories...

Posted by pancakes for dinner | December 13, 2007 7:39 AM
3

West Seattle has also had several planned conversions scuttled.

http://westseattleblog.com/blog/?p=4355

(put 4346 on the end of that URL instead for another link, spam police stopping me)

Posted by JMR | December 13, 2007 7:49 AM
4

We've seen the end of the condo conversion craze.

Posted by happy renter | December 13, 2007 8:24 AM
5

Why would I want to buy this if I can't convert it or charge market-rate rent? The number of people who have $32M for a real estate investment is small, but the number of people who have $32M for a charity project is approximately zero.

Posted by David Wright | December 13, 2007 9:03 AM
6

My homie lives there. He'll be glad to know he's not getting kicked out right away.

Posted by Carollani | December 13, 2007 9:26 AM
7

#4 is correct. The building next to mine was supposed to go condo. They wanted to charge obscene prices for teeny, tiny apartments. Now, they're trying to rent the apartments out again. Nyah, nyah.

Posted by keshmeshi | December 13, 2007 9:47 AM
8

Wel by me on first hill they started construction on what was to be luxury condos ... now as they are building it, it has transformed to luxury apartments.

Condo craze == dead.

Posted by seattle98104 | December 13, 2007 10:04 AM
9

With a quick calculation: on a 15 year mortgage(the only sensible option for commercial property), plus operating expenses, to make a modest profit and pay off the loan, at $32,000,000 you'd need to charge an average rent of at least $1,400 for the 192 units.

Posted by pragmatic | December 13, 2007 10:16 AM
10

$32 mil is the asking. Just the asking. And it's a fishing price, too. Praps Northlake knows it will have to write a fat check for withdrawing from the purchase & sale agreement, and is stalling until the new fiscal year begins.

Nobody but an idiot would take the bait. Let the price drop like a rock, then SHA or King County Housing Authority could get up to bat and snap it up for assessed value. Or let current owners suck it up and be happy with the income their renters provide.

Posted by tomasyalba | December 13, 2007 11:06 AM
11

I lived there in the mid 90's. It was a cool spot. Right on the bus lines and across from the locks.

Problem was that the walls are so thin and the hardwood floors are so loud, that I could here the hooker upstairs turning her tricks at 3 am and her taking the occasional really hard dump.

The pool was a constant source of summer hot bod viewing though!

Posted by ecce homo | December 13, 2007 1:27 PM
12

I think condo conversions are often good moves for older buildings (I'm thinking of Historic Seattle's bldgs here). Sometimes landlords let older buildings with character go to shit and then they just get torn down once its too expensive to restore and a generic cookie-cutter condo building goes up anyway. Most of the Anhalt buildings are condo now, for instance, and are sure to be preserved.

Posted by Jason | December 18, 2007 8:59 PM
13

I think condo conversions are often good moves for older buildings (I'm thinking of Historic Seattle's bldgs here). Sometimes landlords let older buildings with character go to shit and then they just get torn down once its too expensive to restore and a generic cookie-cutter condo building goes up anyway. Most of the Anhalt buildings are condo now, for instance, and are sure to be preserved.

Posted by Jason | December 18, 2007 8:59 PM

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