The vibrant Chroma building, situated in Seattle’s bustling South Lake Union district, has been acquired for $92 million. The property, previously known as the Chroma SLU Apartments and now called Sentral SLU, was purchased by a Carmel Partners-affiliated entity at a price that is $22 million lower than its value five years ago. This information was reported by the Puget Sound Business Journal.
Carmel Partners of San Francisco bought this two-building complex with 275 units located at 1212 Harrison St from IRP – a Delaware limited liability company with an address listed in San Francisco (the same as Iconiq Capital). Built in 2018, this seven-story apartment community offers one- and two-bedroom units.
This transaction highlights the current trend of discounted sales for apartments in South Lake Union. In close proximity to this location is another property consisting of both office space and apartments which recently sold off-market to Timberlane Partners for $115 million – despite being partially leased to Amazon.
The article “Carmel Partners Buys Seven-Story Apartment Complex in Seattle” originally appeared on Connect CRE.
