With at least half a dozen other projects along Avalon Way in varying stages of planning/construction, a recently completed building on Avalon is now up for sale.
Here’s the listing for 3295 SW Avalon Way, also known as The Residences at 3295, a six-story, 60-unit, 100-parking-space building which got its construction permits in 2006-2007, sat partially built for years, then finally was completed last year. Part of the delay was because it was originally in the portfolio of now-fugitive real-estate tycoon Michael Mastro (detained recently in France, which wouldn’t extradite him). Before that, it was supposed to be part of the Seattle Monorail right-of-way. While still unfinished, county records show that it sold for almost $4 million in 2010, and then again for $7.3 million in April of last year. It’s now owned by Randolph Street Realty Capital, headquartered in the same Chicago building as, and led by former executives of, Equity Residential, which owns the not-yet-begun Junction project site at California/Alaska/42nd.
Back to 3295 Avalon (which has a bit of history on its current owners’ website): According to the listing and accompanying documents, there is no set asking price for The Residences at 3295 – they are calling for offers this Thursday (July 25). The extensively detailed flyer for the property mentions that the building’s entire retail space is leased for five years; that would be the new Redline, whose proprietors we’re working to reach for an update on when they plan to open – we last talked with them in March.
P.S. Selling a recently completed project isn’t unheard of; three newer West Seattle projects – Mural in The Junction, Link in The Triangle, and the Admiral Safeway redevelopment – were purchased last year by American Realty Advisors, which is headquartered in Los Angeles.
Datapoint: The flyer for The Residences at 3295 quotes analysts as saying the vacancy rate in the West Seattle apartment “submarket” is currently 2.5 percent.
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