Falcon Successfully Completes Condominium Conversion Project

ASSET MANAGEMENT

Falcon Successfully Completes Condominium Conversion Project

Falcon Real Estate has successfully completed the condominium conversion and sell-out of Tanglewood at Klahanie, a 128 unit residential property located in Issaquah (Seattle), Washington. Falcon acquired the apartment property on behalf of a private syndication during 2006 for $15.9 million for the purpose of converting the property into a condominium project and selling the units. The sell-out of all units was completed at year-end 2009 for a gross consideration of $34.6 million.

Falcon directed the entire conversion process including the procurement of all condominium approvals and entitlements, supervising a multi-million dollar renovation of the building exteriors and common areas and total upgrades to all unit interiors and, finally, overseeing a professional marketing program for individual unit sales.

“The Tanglewood at Klahanie condominium conversion project was especially difficult given the fact that the residential market and the economy both went into a tailspin in the middle of our marketing efforts,” said Falcon Senior Vice President, Robert Moriera. “The fact that we were able to successfully sell-out the project is a testament to the property’s excellent location and attributes and to the expertise and creativity of the conversion team including Falcon members Tim Puhek, Carl Omark and Scott Bennett,” he added.

Tanglewood at Klahanie has a mix of generous one, two and three bedroom homes that total 132,300 saleable square feet. Amenities at the property consist of a large outdoor pool with sundeck, an indoor jacuzzi, enclosed garages and storage units, a spacious clubhouse with a resident lounge area with full service kitchen, as well as a fitness center, children’s playground and a sports court.