Lock Vista Apartments sale falls apart

First on My Ballard: We’ve just confirmed what a tipster told us earlier today: the Lock Vista Apartments sale has fallen through, which means the building will not be converted into condos as planned. “The buyer was unable to meet its obligation to complete the transaction,” reads a letter from Lock Vista Apartments to its residents. “A future sale of the property, while not anticipated at this time, cannot be ruled out as Seattle continues to be an active real estate and investment market.” Residents will be given the opportunity to sign a new lease “in the coming weeks,” and Lock Vista management is deducting $300 from this month’s rent. “We understand that the pending sale was a disruptive process and look forward to a return to regular, day-to-day operations,” the letter reads. As for the many empty units, Lock Vista said it’s planning some improvements to prepare for new residents.

If you’re unfamiliar with the Lock Vista saga, word of the sale triggered quite the controversy last year. Lock Vista is among some of the last affordable apartments in Ballard, and many of Lock Vista’s residents are elderly. Opponents to the sale launched SaveLockVista.org, and the news was well reported in the press. Now that the sale has fallen apart, residents have a reprieve… for now. (Thanks Kij for the tip!)