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Originally published July 17, 2014 at 1:50 PM | Page modified July 17, 2014 at 4:03 PM

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Apartment complex at Othello light rail stop sells for $74M

The Station at Othello Park, a recently built 351-unit apartment complex in South Seattle, was sold Thursday for $74.8 million to a German fund manager.


Seattle Times business reporter

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The Station at Othello Park, a recently built 351-unit apartment complex in South Seattle, was sold Thursday for $74.8 million to a German fund manager, records show.

The seven-story mixed-use complex at 4219 S. Othello St. opened in early 2011 right across the street from Sound Transit’s Othello Link light-rail station.

Frankfurt-based Universal-Investment, the buyer, manages more than $246 billion in investor funds, according to its website.

The seller -- a partnership between Steven Rauf, the complex’s Seattle-based developer, and Texas-based financing partner USAA Real Estate -- bought the property for $8.4 million in 2008 and broke ground on the complex in 2009, the same year Sound Transit opened the light rail line between downtown Seattle and the airport. Construction cost about $50 million, according to permit records.

Sanjay Bhatt: 206-464-3103 or sbhatt@seattletimes.com On Twitter @sbhatt



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