Friday Harbor Village Apartments sold for $940K

Carson Rasmussen representing Fairview Investment Fund of Seattle purchased the Friday Harbor Village Apartments on Carter Street for $940,000 in a foreclosure auction Friday, January 30. Asked what he planned to do with them he said, "Rent them."

According to real estate professionals the purchase through a foreclosure means the rentals no longer will be restricted to low-income renters. If the property had been sold in the regular procedure, the restrictions which have remained in place.

According to a letter dated October 8, 2014 from the Trustee to the renters "the new property owner may either give you a new rental agreement or provide you with a sixty-day notice to vacate the property. 

Leslie Brennan conducted the auction. The minimum amount that would be accepted was $916,906.18. Rasmussen offered the first bid of $920,000 followed by Rolf Dagg with $921,000. The bidding continued with Rasmussen bidding in $5,000 increments with Dagg following with $1,000 increases.

The amount owed on the building was $849,793.27.

After a break for clarification of an element of the bidding process, the final bidding was $935,000, $937,000 and the final bid of $940,000.The other qualified bidder at the auction, Aaron Reed of Tacoma, did not bid.

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