As Merger Looms, Harbor Properties Sells Two Multi-Family Assets to AREA for $41M
- Mar 23, 2012
Harbor Properties, Inc. has closed the sale of two multi-family complexes to affiliates of AREA Property Partners, the Seattle Times reported. AREA paid $40.9 million for the Mural apartment complex in West Seattle as well as with the Greenhouse complex in Columbia City.
The 136-unit, seven-story Mural (pictured) includes amenities such as an entertainment lounge, bike room, a workout room and a roof deck. A ground-floor retail lineup features Fresh Bistro by Herban Feast, Seasons Hair Salon and Wallflower. Scheduled for completion in December, the Greenhouse will offer 124 units.
Harbor is in the midst of a high-profile merger with Los Angeles-based Urban Partners LLC, and a report in the Puget Sound Business Journal indicates that the proceeds from the recent sale will be invested in new multi-family development.
Pictured: The Mural Apartment Complex, photo courtesy of muralapartments.com