Emerald Bay Equity has sold two Upper Queen Anne mixed-use retail/residential buildings – Eden Hill and the Sweetbrier – to affiliates of Deutsche Bank real-estate subsidiary RREEF for a total of $44 million, according to a report by The Seattle Times.
Eden Hill and the Sweetbrier are just two of EBE’s four-part 2.1 acre development plan for Queen Anne, called “The Collection”. The third and fourth phases of the development include the Seven Hills Apartments and Met Market Redevelopment, both of which are scheduled to break ground in 2011 and 2012 respectively.
EBE put all four properties in The Collection up for sale back in April, in the hopes of finding a solution for the projects’ financing challenges. At the time EBE principal Joe Geivett said he preferred the possibility of a joint venture over a sale, but ultimately opted to split the buildings in The Collection between EBE and RREEF in the deal.
Both Eden Hill and the Sweetbrier are apartment complexes with ground-floor retail, both of which were completed in the last three years. Together the buildings have a total of 84 residential units, and over 30,000 square feet of ground-level retail, the Times piece reports.
For more information on EBE’s ongoing developments on Queen Anne, including the forthcoming Seven Hills Apartments and Met Market Redevelopment, check out our ongoing coverage.