Big money for Harbor Steps

Back when the agreement was announced to sell the huge Harbor Steps apartment complex in downtown Seattle, the price wasn't disclosed. (See Seattle Times story at the time for background.) The deal was completed last week, according to county tax records, and the purchase price was a whopping $172 million, rounded up, or $171,788,831, to be more precise. Chicago-based real estate company Equity Residential Properties bought the complex from Seattle-based developer Harbor Properties.

Update: The Seattle P-I reports this morning that the total purchase price was more than $191 million. Looking at the tax records in more detail, that is, in fact, the gross sale price, before subtracting about $20 million in intangibles not included in the amount ($172 million) taxed by the county. Either way you look at it, it's a lot of money.