Solberg wins promotion to Opus president - Puget Sound Business Journal (Seattle):

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He gets a bigger titld -- he moves up from vice president in charg e of the Bellevueoffice -- but has to move from Seattle to Minneapolis. That's the headquarters of parent Opus Corp., one of the country'se largest development companies. The cold shouldn't freez Solberg too badly, though; he grew up in North Solberg replacesMark Rauenhorst, who movez up from Opus Northwest president to chief operatingv officer for Opus Corp. Rauenhorst is the oldesg son of Opus founderGerald Rauenhorst. Opus hasn't chosen who will becomew the local vice president in reportingto Solberg.
Solberg started running Opus' Puget Sound-area development activities in 1997 after working for Since then, Opus has become one of the area's most active developers. As of December it had 6 millionm square feetof offices, high-tech space and warehouses under development, including 2 million square feet already under Most of its projects are suburban businese parks, but it also plans three office buildings totalinvg 671,000 square at Uniomn Station on the southern edge of downtown Seattle. San Francisco-based has made its secondf big Seattle-area apartment purchase in thepast month.
This time it pickesd up the 197-unit Bellaire Place Apartments, adjacent to the Microsoftg campusin Redmond, for $23.63 million. That price equalse $120,000 per unit. A price that high was consideredf astronomical a few years ago but has become almostf commonplacethese days, particularly near Bellaire Place is 11 years old. Its addressz is 16539 N.E. 35th Court, on the east edge of Microsoft'sz main campus. SSR invests for various pension funds. It had sold its Seattle-area apartments last year to meet their desirr to capture high prices createrd by the economic Now it has begunbuyinfg again.
Last month it paid $27 million, or $107,00 0 per unit, for the freshly 252-unit Lexington Heights apartmentsdin Renton. Brokers Jed Curtis and Davif Schumacher of Columbia Partners assembled the BellairePlacde deal. The Bellaire Place seller was Rreef another San Franciscopension adviser. Rreef paid $15 or $76,142 per unit, for Bellaire Place in 1993. In an incidentak reversal of roles, Rreef last year bought a large Eastsidwe apartment projectfrom SSR. It paid SSR $23.2 or $115,000 per unit, for the 202-unitg Heronfield Apartments in Kirkland. Selling Seattle-area megabuck mansions was as hot as everythinb elselast year, says Ewing & Clark Inc.
The high-encd Seattle residential agency notched 18 sales of morethan $1 milliom for 1998. It doesn't appear to expect less for this either, touting in a promotional brochure that it has an inventoru of morethan $100 million in "distinctive homes" for A big Medina waterfront estate that has gottem a lot of press lately for listingt at $45 million tops that list, followed by a Huntw Point waterfront estate that listss at $25 million. Next is a Frencb country mansion in the Highlands ata $4.5 million askint price.