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Cornelius Apts Sell For $18.4M

MG Properties Group Acquires 137 Units in Seattle
By Michael Verostek
May 9, 2012 | 5:06 P.M.

Seattle-based Triad Development, Inc. has sold the Cornelius Apartments to regional developer/owner MG Properties Group for $18.4 million, or about $135,000 per unit. The property is located at 306 Blanchard Street in Seattle, WA. Originally constructed in 1925, Cornelius Apartments was renovated as recently as 2010 and features a clubhouse, fitness center, game room, and laundry facilities among other amenities. The 137-unit multifamily property was approximately 95 percent occupied at the time of the sale.

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