The Jasper Apartments Sells for Nearly $30 Million

UPDATE: Market Wired confirms that the Jasper has been sold for $29.4 million, not the $29.3 million previously reported.

It seems like only yesterday the old Jewish Community Center sat lonely, unkempt, and falling apart between NE 86th St and NE 87th St.  Only yesterday that a developer, Murray Fraklyn, had planned to build condos on the site.  Only yesterday that the Wedgwood Action Group successfully negotiated with Murray Franklyn to adjust the building’s transition to the adjacent single-family neighborhood.  Only yesterday, the property sold to Woods Partners for $3.35 million.  Only yesterday that Wood Partners and Exxel Construction broke ground on the new apartment building.  Only yesterday that the name “Jasper” was unveiled out of respect for the history of the Wedgwood name.  And only yesterday that the Jasper Apartments officially opened.

According to the Puget Sound Business Journal, reports are that Wood Partners sold the new apartment building to an LLC (limited liability company) known as “Jasper 91” for a cool $29.3 million.  For those scoring at home, that’s $25.95 million more than the site was purchased by Wood Partners from Murray Franklyn, which doesn’t account for the costs for final design, permitting, construction, and management.  Nevertheless, that’s a nice chunk of change for Wood Partners’ first development in the Puget Sound region.

A look back at our Photosynth series throughout the development follows:

The old JCC site before demolition.

The JCC post demolition.

The new Jasper going up.

The Jasper taking shape.

The Jasper opened for renter.

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