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Carmel Partners Buys Seven-Story Apartment Complex in Seattle
The colorful Chroma building, an apartment complex in Seattle’s South Lake Union area, has sold for $92 million. The property, Sentral SLU, formerly known as the Chroma SLU Apartments, was bought by an entity affiliated with Carmel Partners for $22 million less than what it traded for five years ago, reported the Puget Sound Business Journal.
San Francisco-based Carmel Partners bought the two-building, 275-unit property at 1212 Harrison St. from IRP, a Delaware limited liability company with a listed address in San Francisco, the same as Iconiq Capital. The seven-story apartment complex was built in 2018 and offers a mix of one- and two-bedroom units.
The transaction represents a trend of South Lake Union apartments selling for a discount. Nearby, a full-block apartment and office property partially leased to Amazon recently sold for $115 million in an off-market deal to Timberlane Partners.
