Canceled-condo-conversion building Strata now up for sale

From our latest look at the commercial-real-estate listings: Strata on California (California & Graham, north edge of Morgan Junction) has just been put up for sale, $15,250,000. It was just last June that, after buying the then-Graham Street Apartments for almost $9 million, Mosaic announced the conversion plan (WSB coverage here); the sales pitch started in October (WSB coverage here); Mosaic canceled the conversion in late November (along with its plans to turn the West Ridge Park apartments on Delridge into “Gables” and sell them as condos too). The listing describes Strata as “luxury multi-family” and also notes, “The neighborhood is made up of mostly new townhomes, exciting newer restaurants, and upscale home and clothing retailers.” (And the ex-Chuck and Sally’s across the street.) Listing agent is McQuaid, which has sold a boatload of WS buildings in the past year or so (scroll here). THURSDAY AFTERNOON ADDENDUM: Thanks to Di for the tip that Strata’s having a “model furniture sale” this Saturday, according to this CL ad.

pam May 15, 2008 (7:37 am)

exciting newer restaurants, and upscale home and clothing retailers.

I’m walking along the Morgan Junction in my head right now past the McD’s, Subway, the mailboxes place… um, there’s the market – does Tully’s/Starbux count as exciting newer restaurants? Do we have a clothing retailer here? I can’t think of one. There IS a wine shop. I LIKE the wine shop. Wine shops are sorta upscale, right?

I love aspirational copy. It’s so aspirational.

Dwight May 15, 2008 (7:48 am)

We stopped in for a look last October. There were reader boards up and down California advertising “Now Open”. The door was locked. We knocked because we saw people hanging out around a conference table. A woman came to the door, opened it just a crack to say “We’re closed”. It was 11:45am on a Sunday and she was looking at us like we were really stupid. So we were not surprised to see sales of the condos were less than “stellar”.

old timer May 15, 2008 (8:17 am)

At least the property seems to have been nicely improved.
It will be good to see all the units full of people.

Rick May 15, 2008 (9:31 am)

I sure as heck don’t see an improvement of over $6M in that property, especially since the double digit days of appreciation went bye-bye. I looked at the sale unit and was duly un-impressed.But then again, it’s worth what someone is willing to pay for it.

Rick May 15, 2008 (9:34 am)

Oh yeah, Pam. Thanks for the new word of the day. (for me, anyway) Aspirational, yeah…., I like it.

Sue May 15, 2008 (9:59 am)

Well, it is near Ho-Win and that new(ish) greek place. Maybe that’s what they’re referring to? ;)
.
I love how the listing says it’s a new property, built in 2008. If you read later, it says how it’s really a 1987 property that was updated, but at first glance you think you’re getting new construction. I’m sure it looks nice inside, but as a former resident of their other property, West Ridge Park, it seems that looks didn’t tell the whole story about the condition of the units, which would make me wonder about this place as well.

eli May 15, 2008 (11:16 am)

As a former resident of the Graham Street (one of the many victims of Mosaic)I will say this, they were great as apartments but I certainly wouldn’t BUY one. For that matter I wouldn’t rent one now for what they are asking. The location was great, but all they did was cosmetic and there was no infrastructure changes that I am aware of. I remember many a night hearing my upstairs neighbors. ;)

Roger May 15, 2008 (12:14 pm)

On a related-by-geography note:

Anyone know what is happening with the eyesore across the street (formerly Chuck&Sally’s).
Perusing the KC Appraisers website, the land value jumped from ~360K in 2007 to ~750K in 2008!!

Just curious…

doghouse May 15, 2008 (12:21 pm)

I used to live 2 blocks from there. That lot used to have 2 or 3 trailers on it which was my doctor’s office, Dr.Scott.
After that it was West Seattle Nursery.
Does anyone recall what else was there before?

WSB May 15, 2008 (1:11 pm)

Roger, we check on that at least once a week. No land-use applications or for-sale postings as of last check. The second we see something, as always, we will post it here …

Former Graham Street Apt Resident Shoved Out May 15, 2008 (4:07 pm)

*grumble*

nunya May 15, 2008 (5:42 pm)

Doghouse, I remember in 1978 gassing up at Triumph Trident at the gas station that was there.

Manuel W. May 15, 2008 (6:47 pm)

I’ve lived here since 2/21/08. (hi from Apt 207!) I think my unit makes a fine apartment, but I would never consider it if I was condo buying in WS, because of thin walls and lackluster fit & finish. (The fake wood flooring in the bathroom has massive paint overspray! omg!)

The property manager Jennifer has been great. Complaints and maintenance are dealt with quickly. Now that they are at 99% occupancy she will be moving on and another property manager is taking over.

They are re-striping the parking lot today and claim to be making the spots wider.

Mine is the cheapest 1br. floor plan available at $1,095, and I think it’s a fair market price for W/D, deck, off-street parking and brand-new appliances. It’s near impossible to find that in any post-2003 building near-ish to downtown.

I’ll live here for 2-3 years until they tear down the viaduct, then evaluate if buying a house in WS makes sense for me.

Yeah — does anyone have any good stories about Chuck & Sally’s?

PSPS May 15, 2008 (8:22 pm)

Rick: The listing says they added granite countertops. Ergo, it has to be worth an extra $6 million. That’s what the 2006 memo said!

JenV May 16, 2008 (2:44 pm)

Manuel W…I would have a lot of good stories about Chuck and Sally’s….except I can’t remember any of them…:) It was a really fun place back in the day (1996 ish). It’s where I learned how to play pool, how to play pull tabs…how to drink Henry Weinhards by the pitcher…they had the BEST jukebox, too. I hadn’t been in there for about 7 years before they went kaput this last time, but I have fond memories of it from my early twenties. One of my best friends lived in your apartment building then, so it was a quick stumble across the street.

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