$38M apartment transaction tops recent commercial sales

Wellington apartments, Silverdale

A Los Angeles corporation bought two Silverdale apartment complexes in September for a combined $69.5 million.

Those transactions topped the list of commercial sales in Kitsap County in for August and September (you can see my July roundup here).

A total of 35 commercial parcels sold in August for a combined $10.23 million, according to county assessor’s records. In September, 12 parcels sold for $74.3 million, buoyed by the Silverdale apartment transactions.

Here’s a look at some of the notable commercial sales from August and September:

Wellington apartments, Silverdale — $38.25 million

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Sale date: Sept. 24

Assessed value: $19.99 million

Sold by: GFS Wellington LLC. to Gemini Wellington Fee Owner LLC.

Description: A roughly 231,000-square-foot, 17-building apartment complex on 11.3 acres off Randall Way, accessed by Kensington Lane.

Notes: Formerly called Madison the Wellington. Built in 1988.

Ridgetop apartments, Silverdale — $31.25 million

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Sale date: Sept. 24

Assessed value: $18.12 million

Sold by: GFS Ridgetop LLC. to Gemini Ridgetop Fee Owner LLC.

Description: A roughly 200,000-square-foot, 25-building apartment complex on 12.5 acres off Ridgetop Boulevard, accessed by Voyager Lane and Shipside Lane.

Notes: Formerly called Madison Ridgetop. One of several large complexes of Ridgetop Boulevard. Built in 1989.

Woodcreek apartments, Poulsbo — $3 million

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Click to enlarge

Sale date: Sept. 8

Assessed value: $1.53 million

Sold by: Woodcreek Associates to Poulsbo 40 LLC.

Description: A 14-building apartment complex on 4.8 acres of Hostmark Street, across from Poulsbo Middle School.

Notes: Built in 1984. Buyer is based in San Diego.

Twelve Trees building, North Kitsap — $2.23 million

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Sale date: Aug. 11

Assessed value: $1.64 million

Sold by: Jackson Brothers LLC. to Grundsund Property Co.

Description: A 21,000-square-foot building in Twelve Trees Business Park off Pioneer Way.

Notes:  Headquarters for international marine apparel and gear company Grundéns. It appears Grundéns just bought the building.

College Marketplace lots, Poulsbo — $1.43 million

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Sale date: Aug. 26

Assessed value: $1.5 million (combined)

Sold by: Olhava Associates LP to Olhava Group 3H & 3I LLC.

Description: Two parcels totaling just under 2 acres on Olhava Way near Wendy’s, and across from Walmart.

Notes: A car wash, Starbucks store and retail building are being built on this land. The property was sold prior to the recent Olhava foreclosure sale, and a boundary line adjustment was recorded.

Kennedy Business Park building — $875,000

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Sale date: Sept. 8

Assessed value: $1.43 million

Sold by: Kitsap Credit Union to 8880 Investments LLC.

Description: “Building G,” a 21,500-square-foot building in Kennedy Business Park off Bond Road.

Notes:  Buyer is the principal of Barker Creek Publishing, a local company that recently landed a distribution agreement with Staples. 

Johnstone Supply building, Bremerton — $850,000

johnstone.supplySale date: Aug. 7

Assessed value: $651,280

Sold by: Seattle Realty Inc. to Wilkes Building LLC.

Description: A 9,600-square-foot building at the corner of Auto Center Boulevard and Wilkes Avenue.

Notes: Home to Johnstone Supply.

Skippers, Silverdale — $845,000

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Click to enlarge

Sale date: Aug. 19

Assessed value: $602,000

Sold by: Barber Investments Silverdale to Simon Restaurants LLC.

Description: A 2,600-square-foot fast food restaurant on Silverdale Way.

Former Kitsap Bank, Bremerton — $245,000

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Sale date: Aug. 3

Assessed value: $323,570

Sold by: Kitsap Bank to The Islamic Center of Kitsap County

Description: A 2,160-square-foot former bank branch on Marine Drive, off Kitsap Way.

Notes: The Islamic Center is converting the former bank branch into a mosque. Info on the Bremerton Beat blog.

First & Pacific, Bremerton — $85,500

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Sale date: Aug. 3

Assessed value: $68,000

Sold by: Tim Ryan Properties LP to Chung Nguyen and Oanh Truong

Description: A vacant, one-tenth of an acre lot at the corner of First Street and Pacific Avenue, across from the ferry ticket booths and shipyard gate.

Notes: Not a big ticket sale, but a noteworthy one given the prime location.

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