{"id":1004095872,"date":"2014-05-02T10:33:57","date_gmt":"2014-05-02T18:33:57","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=258442"},"modified":"2020-05-11T04:09:24","modified_gmt":"2020-05-11T12:09:24","slug":"schuster-group-sells-joseph-arnold-lofts-in-belltown-while-lining-up-more-high-rise-residential","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/schuster-group-sells-joseph-arnold-lofts-in-belltown-while-lining-up-more-high-rise-residential\/","title":{"rendered":"Schuster Group Sells Joseph Arnold Lofts in Belltown, While Lining Up More High-Rise Residential"},"content":{"rendered":"<p class=\"MsoNormal\"><em style=\"mso-bidi-font-style: normal;\">By Alex Girda, Associate Editor<\/em><\/p>\n<p class=\"MsoNormal\">A prominent multifamily project in the Seattle neighborhood of Belltown recently traded hands. The Schuster Group sold The Joseph Arnold Lofts for $68.2 million.<\/p>\n<p class=\"MsoNormal\">The upscale property, which has been marketed a<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/04\/joseph-arnold-lofts.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-258462\" title=\"joseph arnold lofts\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/04\/joseph-arnold-lofts.jpg\" alt=\"\" width=\"140\" height=\"183\" \/><\/a>s The Joe by developer and former owner The Schuster Group, offers 131 units. The high-rise was completed in 2013 and was developed on a land parcel acquired back in 2008; construction began during the second quarter of 2012. The property\u2019s upper floors offer views of the nearby Olympic Mountains and Elliott Bay. A one-bedroom unit rents at an average rate of $2,985 per month.<\/p>\n<p class=\"MsoNormal\">The property is also the first high-rise residential building in the city of Seattle to receive Green Globes certification, achieving the T<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/04\/Walton-Lofts.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-258464\" title=\"Walton Lofts\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/04\/Walton-Lofts.jpg\" alt=\"\" width=\"140\" height=\"183\" \/><\/a>hree Globes level, which is the current equivalent of the U.S. Green Building Council\u2019s LEED Gold certification.<\/p>\n<p class=\"MsoNormal\">The Schuster Group has another high-rise residential project, Walton Lofts, underway a block away from The Joe. Construction began there at the start of this year, on a piece of land acquired in 2013. That property will also pursue Three Globes from the Green Building Initiative, a nonprofit organization that looks to accelerate the adoption of green-minded building practices.<\/p>\n<p class=\"MsoNormal\">According to the <a href=\"https:\/\/www.bizjournals.com\/seattle\/blog\/2014\/04\/the-joe-goes-for-68-2-million.html?iana=ind_cre\" rel=\"nofollow\" ><em style=\"mso-bidi-font-style: normal;\">Puget Sound Business Journal<\/em><\/a>, the buyer was an LLC that shares an address with frequent Schuster collaborator Invesco Real Estate, an Atlanta-based property owner that is currently working on expanding its real estate investment portfolio. The company also acquired Bell 206 in Belltown for $41.2 million, as well as the $308 million Bravern Signature Residences in Bellevue, <em>PSBJ<\/em> writes, a testament to the buyer\u2019s commitment to expand its portfolio in the Puget Sound.<\/p>\n<p>Images courtesy of <em>theschustergroup.com.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p class=\"MsoNormal\">\n","protected":false},"excerpt":{"rendered":"<p>A prominent Schuster Group-owned multifamily project in the Seattle neighborhood of Belltown recently traded hands. The Joseph Arnold Lofts traded hands for a fee of $68.2 million.<\/p>\n","protected":false},"author":41,"featured_media":1004505925,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[1815],"class_list":["post-1004095872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-seattle","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Schuster Group Sells Joseph Arnold Lofts in Belltown, While Lining Up More High-Rise Residential - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/schuster-group-sells-joseph-arnold-lofts-in-belltown-while-lining-up-more-high-rise-residential\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Schuster Group Sells Joseph Arnold Lofts in Belltown, While Lining Up More High-Rise Residential\" \/>\n<meta property=\"og:description\" content=\"A prominent Schuster Group-owned multifamily project in the Seattle neighborhood of Belltown recently traded hands. 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