Archstone continues to increase presense in Seattle metro

CPI Properties has recently sold the 131,000-square-foot Carillion Heights Apartments to national developer/owner Archstone for $47.5 million, or about $363,000 per unit. The property is located at 5306 Lake-view Drive in Kirkland, WA.
Originally constructed in 1990, Carillon Heights sits on 8.9 acres and is comprised of 160 units in 10 separate buildings. The property was 99 percent occupied at the time of the sale, with only one vacancy reported.

This property represents the eleventh apartment acquisition for Archstone in the Seattle area reflecting the continued confidence in the local economy and employment outlook.   

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