Residents of Lock Vista Apartments can rest easy, at least for a while.

The manager of the apartment complex across Market Street from the Ballard Locks said last week the potential buyer could not come up with the money to buy the property and turn the united into condominiums.

"There will be no condominium conversion of the property and no 90 day notices to move will be issued," the manager said.

At the same time, residents were told to take $300 off their March 1 rent because of the trauma the potential sale caused.

The threat of a condo conversion is not gone, however.

"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," said Chris McCarty of Dominion Real Estate on behalf of the owners of Lock Vista Apartments LLC.

Current leases will be honored and the building will be upgraded and will remain rental apartments, McCarty said.

He noted the offer for the property was "an unsolicited offer and the property was not actively marketed for sale."

"Lock Vista Apartments anticipates a quick return to day-to-day operations as a rental property and is committed to making Lock Vista a friendly and attractive place to live. Leases for Lock Vista Apartments will be honored according to individual agreements signed by current residents. In addition, vacant units are now available for lease."

Further McCarty said the owner "thanks its current residents for their patience and cooperation during recent months. We look forward to continuing our valued relationship with them and the community."

State Sen. Jeanne Kohl-Welles issues a statement from Olympia where the Legislature is in session.

"As state Senator for the 36th Legislative District, I am very, very pleased that the Lock Vista apartments in Ballard will not be converted to condos, at least for now," Said Kohl-Welles statement. "I'm gratified to learn that the building owners are reaching out to tenants, who had been fearing the loss of their homes. However, as is the case with many locations in Ballard and elsewhere in Seattle, I understand that Lock Vista eventually may be sold and converted to condos."

Dominion Real Estate will continue its management of the property and existing leases "will be honored and the opportunity to sign a new lease will be provided in the coming weeks.

He said apartments in the complex will be available to be rented. Many units that were "left vacant and untouched as a requirement of the sale contract, will undergo improvements to prepare for new residents."

McCarty said his staff would be available to discuss the issues with residents and hear suggestions, concerns or suggestions.

"Please call or leave a note with a way to return an answer to you (cell phone, e-mail or regular mail address)," McCarty wrote residents. "We look forward to assisting you. We value your residency and hope that you will continue to make Lock Vista your home."

Kohl-Welles said as a result of attending meetings on the potential conversion, she has introduced Senate Bill 6411, which had a public hearing scheduled for yesterday.

Jack Mayne may be reached at 782.1244 or jmayne@robinsonnews.com