The 17-story Alto Apartments at 3rd & Cedar Sts. in Belltown has been sold to a New Jersey company for the whopping sum of $62.3 million. The year-old building has 184 units, so the sales price represents well over $300,ooo per unit.
The Alto’s developers, Harbor Urban and Cigna Realty, sold it to Hartz Mountain of Secaucus, N.J.
Alto opened in 2012 and filled up in 90 days. One-bedroom apartment rent for $1,400 to $2,100 per month.
“When construction of Alto started in November 2010, apartment developers were optimistic because job growth was taking off and very few new apartments had been built,” according to a report in the Puget Sound Business Journal.
From the fall of 2010 to this spring, rents in and around Belltown increased nearly 18 percent to $1,712, according to Dupre + Scott, a real estate forecasting service.
The new owner of Alto isn’t worried about this. Hartz Mountain President and COO Emanuel Stern said in a press release that the Seattle market is “still nowhere near its full potential.” Hartz Mountain owns one of the largest privately held commercial real estate portfolios in the country, with about 200 properties.