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Marc Stiles
Staff Writer- Puget Sound Business Journal

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A once-troubled luxury condo project in Woodinville’s wine county has been sold as an apartment property for $11.5 million more than what the sellers bought it for about two and a half years ago.

Walter C. Bowen and BPM Real Estate Group last week paid $30 million for the 114-unit Chateau Woods, 18250 142^nd Ave. N.E., commercial real estate company CBRE said Tuesday. BPM is a Portland-based owner and manager of apartments and assisted living communities. Pacific Urban Residential was the seller.

Public records show that in 2006 an affiliate of San Diego-based Fairfield Residential borrowed $52.5 million from Bank of America to build the project, which has two levels of underground parking, rare for a suburban development. In 2008, the developer said the project would open in 2009 and that prices for the units would range from the low $300,000s to the $500,000s.

In late 2009, Fairfield filed for Chapter 11, and seven months later a Delaware Bankruptcy Court Delaware’s Bankruptcy Court approved the company’s reorganization plan.

Around the same time, the Fairfield affiliate defaulted on the loan for the Woodinville project, and a notice of trustee’s sale was filed. Records show that Pacific Urban Residential was the highest bidder at the sale, paying $19.5 million.

Last week’s sale to Bowen and BPM shows that the appetite among investors for apartments in the Puget Sound region remains strong, said CBRE’s Frank Bosl, one of the brokers who marketed the property for sale for Pacific Urban Residential.

Fairfield Residential remains active in the Puget Sound region, where according to its website it has seven suburban apartment properties between Everett and Tacoma, up from five three years ago.

Marc Stiles covers commercial real estate and government for the Puget Sound Business Journal.

Marc Stiles
Staff Writer- Puget Sound Business Journal

Email
 | Twitter

A once-troubled luxury condo project in Woodinville’s wine county has been sold as an apartment property for $11.5 million more than what the sellers bought it for about two and a half years ago.

Walter C. Bowen and BPM Real Estate Group last week paid $30 million for the 114-unit Chateau Woods, 18250 142^nd Ave. N.E., commercial real estate company CBRE said Tuesday. BPM is a Portland-based owner and manager of apartments and assisted living communities. Pacific Urban Residential was the seller.

Public records show that in 2006 an affiliate of San Diego-based Fairfield Residential borrowed $52.5 million from Bank of America to build the project, which has two levels of underground parking, rare for a suburban development. In 2008, the developer said the project would open in 2009 and that prices for the units would range from the low $300,000s to the $500,000s.

In late 2009, Fairfield filed for Chapter 11, and seven months later a Delaware Bankruptcy Court Delaware’s Bankruptcy Court approved the company’s reorganization plan.

Around the same time, the Fairfield affiliate defaulted on the loan for the Woodinville project, and a notice of trustee’s sale was filed. Records show that Pacific Urban Residential was the highest bidder at the sale, paying $19.5 million.

Last week’s sale to Bowen and BPM shows that the appetite among investors for apartments in the Puget Sound region remains strong, said CBRE’s Frank Bosl, one of the brokers who marketed the property for sale for Pacific Urban Residential.

Fairfield Residential remains active in the Puget Sound region, where according to its website it has seven suburban apartment properties between Everett and Tacoma, up from five three years ago.

Marc Stiles covers commercial real estate and government for the Puget Sound Business Journal.

Marc Stiles
Staff Writer- Puget Sound Business Journal

Email
 | Twitter

A once-troubled luxury condo project in Woodinville’s wine county has been sold as an apartment property for $11.5 million more than what the sellers bought it for about two and a half years ago.

Walter C. Bowen and BPM Real Estate Group last week paid $30 million for the 114-unit Chateau Woods, 18250 142^nd Ave. N.E., commercial real estate company CBRE said Tuesday. BPM is a Portland-based owner and manager of apartments and assisted living communities. Pacific Urban Residential was the seller.

Public records show that in 2006 an affiliate of San Diego-based Fairfield Residential borrowed $52.5 million from Bank of America to build the project, which has two levels of underground parking, rare for a suburban development. In 2008, the developer said the project would open in 2009 and that prices for the units would range from the low $300,000s to the $500,000s.

In late 2009, Fairfield filed for Chapter 11, and seven months later a Delaware Bankruptcy Court Delaware’s Bankruptcy Court approved the company’s reorganization plan.

Around the same time, the Fairfield affiliate defaulted on the loan for the Woodinville project, and a notice of trustee’s sale was filed. Records show that Pacific Urban Residential was the highest bidder at the sale, paying $19.5 million.

Last week’s sale to Bowen and BPM shows that the appetite among investors for apartments in the Puget Sound region remains strong, said CBRE’s Frank Bosl, one of the brokers who marketed the property for sale for Pacific Urban Residential.

Fairfield Residential remains active in the Puget Sound region, where according to its website it has seven suburban apartment properties between Everett and Tacoma, up from five three years ago.

Marc Stiles covers commercial real estate and government for the Puget Sound Business Journal.