A five-story apartment building in Shoreline on the site of a once-planned project from a now-convicted developer is under new ownership.
Colorado-based Griffis Residential bought the 330-unit building at 15560 Westminster Way North from a Stockbridge Capital Group affiliate for $112.5 million, the Puget Sound Business Journal reported. The four-year-old market-rate building, previously known as The Current, is called Griffis Shoreline following the off-market deal.
The 2-acre property was previously floated for a residential development known as Potala Place by Chinese developer Lobsang Dargey. Dargey built a real estate empire that fell apart in 2017 after he pleaded guilty in federal court to wire fraud and concealing material information from federal authorities. He was sentenced to four years in prison and released in early 2020.
A 450-square-foot studio in the Griffis Shoreline building is renting for $1,555 per month, the Business Journal reported. A one-bedroom measuring 773 square feet is listed for $2,150, and a two-bedroom, two-bath spanning 1,038 square feet rents for $2,750.
Griffis Residential executed the purchase alongside three other acquisitions in the Dallas area and Orange County, California. In total, the four properties Griffis bought have 1,421 residential units. In buying Griffis Shoreline, the Colorado company’s portfolio in the Puget Sound region increased to 2,175 units. Griffis operates a $3.6 billion portfolio from coast to coast including other cities like Portland, Oregon; Washington, D.C.; and West Palm Beach, Florida.
Other nine-figure multifamily deals in the Seattle area this year include Virtú Investments’ purchase of the 136-unit Mural property at 4727 42nd Avenue Southwest and the 200-unit Link development at 4550 38th Avenue Southwest in October for a combined $111 million total, as well as Carmel Partners’ buy of the 289-unit Urbana Apartments complex at 1501 Northwest 56th Street in Ballard for $121 million. — Chris Malone Méndez
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