Tag Archives: grundéns

$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. Continue reading