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Real Estate Buzz: Kauri buys complex for condo conversion
By Seattle Daily Journal of Commerce
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By LYNN PORTER
Real Estate Editor
Kauri Investments has bought a 55-unit apartment building to convert to condos in what the company said is an "unbeatable" location: one block from Vulcan's expansive 2200 complex on Westlake. A limited liability company of which Seattle-based Kauri is the only member purchased the Aristo Apartments at 2015 Terry Ave. from the Lui family for $13.3 million, or $241,919 a unit, according to Kauri President and CEO Kent Angier. Kauri has started a $1 million upgrade to the 2003 building, said Angier. Loft and one-bedroom units will be offered for sale next week to current tenants and will be available to the public soon after that. Most units will be priced in the low- to mid- $300,000s, he said.
Carbon 56 will have 52 New York-style lofts and three one-bedroom units, with most priced in the low- to mid- $300,000s.
Angier said the building has been renamed Carbon 56. He said it's in a prime location near the Whole Foods Market, shops and Pan Pacific Seattle hotel in 2200, and within walking distance of other downtown shopping, restaurants and bars. "From a location standpoint, it's just unbeatable," he said. "People want to be where all the energy is downtown." Kauri's target market for Carbon 56 is young professionals between 25 and 40 and to a lesser extent people who want a second in-city home.
Angier said the prices should be affordable to both. He said the market for condos priced under $500,000 is very strong, with few options available to buyers. Carbon 56 will have 52 “New York-style” lofts and three one-bedroom units. The condos will range in size from 660 to 1,300 square feet, with high ceilings, floor-to-ceiling windows and maple hardwood floors. Units will be upgraded with granite kitchen counters and stone bathroom counters, new plumbing fixtures and new appliances, said Angier. Amenities include a common terrace, fitness center, underground parking and downtown views, according to Kauri.
An 8,000-square-foot condo in the complex owned by the Lui family was not part of the sale. Dwight Turinski of Apartment Sales Corp. brokered the sale. Samantha Patterson of The Denny Group will market the condos. Since it was founded in 1987, Kauri has developed or substantially rehabilitated more than 2,000 housing units. It is developing Urbane Redmond, a 24-unit condo complex in Redmond, renovating Seattle's historic Alaska Building and working with Hyatt Hotels on a mixed-use project in the Denny Triangle.
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