Washington

TruAmerica Buys Pacific Northwest Multifamily Portfolio for $115M

by Nellie Day July 24, 2015

PORTLAND, ORE. — TruAmerica and its institutional partners DVO Real Estate and RCG Longview have acquired a five-property portfolio in the Pacific Northwest known as FPA Multifamily for $115 million. The transaction includes the 76-unit Lighthouse and the 177-unit Village at Lake Meridian in Kent, Wash., as well as the 210-unit Park at Tualatin in the Portland suburb of Tualatin. TruAmerica closed on the 126-unit Haven at Charbonneau in Wilsonville, Ore., and the 329-unit Somerset apartments in Kent this past June. The company plans to invest $8 million in interior-unit and common-area improvements throughout the portfolio. Renovations will include new kitchen appliances, cabinets, countertops, lighting and hardware. Common-area upgrades will enhance the renter experience with scenic landscaping, fresh pool furniture, a dog park and an outdoor kitchen. Noah Hochman led TruAmerica’s acquisition team.

July 24, 2015

Multifamily Washington Western

Heitman Buys Premiere on Pine Apartment Complex in Seattle

by Nellie Day July 17, 2015

SEATTLE — Heitman has purchased the 386-unit Premiere on Pine apartment complex in Seattle for $240 million. The community is located at the intersection of Pine Street and 8th Avenue. Premiere on Pine is within two blocks of Interstate 5 and Westlake Station in the Pike-Pine retail corridor. The 40-story, ultra-luxury apartment tower was completed in 2014. It is certified LEED-Silver. The community features common-area amenities like a fitness center, dog run, theatre room, club room, conference room, two event spaces, and a 3,000-square-foot balcony that wraps around the south and west side of the building. It contains a mix of studio, one-, two- and three-bedroom units. The seller, Holland Partner Group and its finance partner, was represented by HFF’s Matthew Lawton, Ira Virden and Gerry Rohm.

July 17, 2015

Loans Multifamily Washington Western

Leilani on Greenwood Apartments in Seattle Receives $47.8M

by Nellie Day July 17, 2015

SEATTLE — The 328-unit Leilani on Greenwood apartment complex in Seattle has received $47.8 million in acquisition financing. The community is located at 10215 Greenwood Ave N. Leilani on Greenwood contains two mid-rise apartment properties that feature a mix of studio, one- and two-bedroom apartments, in addition to live/work spaces. Common-area amenities include concierge services, a resident lounge, business center, fitness facility, resident theater, and multiple indoor and outdoor community gathering areas. The property was developed by Weidner Apartment Homes. The 10-year, fixed-rate loan was closed by Joe DeCarlo and Sean Sunderland of M&T Realty Capital Corporation. It features a 3.45 percent interest rate and a 59.8 percent loan-to-value.

July 17, 2015

Multifamily Seniors Housing Washington Western

Evans Senior Investments Arranges Sale of Washington Community for $18M

by Nellie Day July 14, 2015

VANCOUVER, WASH. — Evans Senior Investments has arranged the sale of a three-property seniors housing community, all located on the same campus in Vancouver, to a publicly traded REIT for $18 million. The three properties are Fort Vancouver Convalescent Center, a skilled nursing facility; Caretique, a memory care community; and Park Lido, an assisted living facility. With 136 total beds, the sale price represents $132,353 per unit. Opened in 1982, additions and buildings were added on to the facility in 1985 and 1992. At the time of the transaction, occupancy ran between 70 percent and 80 percent for the facilities. The capitalization rate was 11.7 percent based on the trailing 12 months of net operating income.

July 14, 2015

Multifamily Seniors Housing Washington Western

Evans Senior Investments Arranges Sale of Washington Community for $18M

by Nellie Day July 13, 2015

July 13, 2015

Loans Multifamily Seniors Housing Washington Western

Walker & Dunlop Arranges $3.4M Loan for Washington Assisted Living Community

by Nellie Day July 6, 2015

VANCOUVER, WASH. — Walker & Dunlop Inc. (NYSE: WD) has closed a $3.4 million loan for Arbor Ridge Assisted Living with the Vancouver Housing Authority. Arbor Ridge Assisted Living provides affordable housing for seniors who cannot afford private facilities within the local market. This is the first Rental Assistance Demonstration (RAD) transaction Walker & Dunlop and HUD’s Lean 232 program have completed for a health care facility. The RAD program is HUD’s major effort to recapitalize public affordable housing. RAD focuses on conserving affordable rental housing, meeting the needs of residents and constructing lasting communities along with supporting future property improvements. The Arbor Ridge transaction was structured with a 35-year term and a 35-year amortization schedule. Additionally, the loan was written to a 78.5 percent loan-to-value and 1.45 debt service coverage ratio. Michael Vaughn, senior vice president, led the Walker & Dunlop team.

July 6, 2015

Market Reports Multifamily Washington Western Western Market Reports

The Sustainability of the Seattle Apartment Building Boom

by Nellie Day June 30, 2015

With all the recent froth in the multifamily markets, knowledgeable observers are expressing concern regarding all of the cranes that are sprouting around Seattle. To assess the apartment market, we have compiled data recently published in the “March 2015 Apartment Development Report” by Dupre + Scott Apartment Advisors. The Seattle Metro area is in the midst of an apartment development boom, with an estimated 17,400 units under construction, 12,000 units to be completed and ready for occupancy in 2015 and 11,000 units to be delivered in 2016. There is an additional 25,000 additional units in various stages of planning for delivery over the next five years. This new construction is in response to low vacancy rates (3.5 percent in the Seattle MSA, excluding vacancies for properties in initial lease-up), job expansion and related in-migration to the area. These trends have resulted in rising rents for new projects, up more than 7.4 percent in the region in the past 12 months (skewed by rents in newly opened projects). The new units under construction or proposed are heavily weighted to the close-in neighborhoods surrounding the Seattle CBD (Belltown, Downtown Seattle, South Lake Union) and close-in neighborhoods north of Lake Union (Ballard, Greenlake/Wallingford, …

June 30, 2015

Office Washington Western

Community Health Plan of Washington Leases Space in Downtown Seattle

by Nellie Day June 23, 2015

SEATTLE – Community Health Plan of Washington has leased 91,816 square feet of office space in Downtown Seattle. The space is located at 1111 Third Ave. The local not-for-profit health plan will be relocating from its current space in late 2016. The company was represented by Larry Almeleh and Pat Pendergast of Washington Partners. The landlord, Ivanhoe Cambridge and Callahan Capital Properties, was represented by Lisa Stewart and Jim Allison of Urbis Partners.

June 23, 2015

Retail Washington Western

Retail Properties of America Buys Woodinville Plaza Near Redmond

by Nellie Day June 22, 2015

SEATTLE — Retail Properties of America (RPA) has acquired Woodinville Plaza, a 171,000-square-foot shopping center near Redmond, for $35.3 million. The center is located at 14001 – 14235 NE Woodinville Duvall Road in Woodinville, on the eastside of the Puget Sound region. Woodinville Plaza was 91 percent occupied at the time of closing. It is anchored by County Market, a SuperValu concept. Other notable tenants include T.J. Maxx and Rite Aid.

June 22, 2015

Market Reports Office Washington Western Western Market Reports

Seattle’s CBD Gains in Popularity With Office Users

by Nellie Day June 16, 2015

The Seattle office market has been a shining example of strength and solidity. Compared to the U.S. job rate, which expanded by 2.4 percent over the past year to drop the unemployment rate to just 5.5 percent, the Seattle-Tacoma-Bellevue Metropolitan Statistical Area is looking good. Seattle added jobs at a rate of 3.1 percent in the first quarter of 2015. It also saw employment gains in every category. The unemployment rate remained in line with the U.S. rate at 5.5 percent. Construction led all job sectors with 12.6 percent growth, followed by professional and business services at 4.2 percent. The Seattle Central Business District office market showed continued improvement as the overall vacancy rate declined by 2.8 percentage points on a year-over-year basis. Asking rents continued to climb in all submarkets with an overall increase of 4 percent, while Class A rents increased by 5.6 percent. Making tech giants feel at home is nothing new to the Seattle area. The largest lease of the past quarter was Facebook’s 274,000-square-foot deal at Dexter Station. With a planned delivery of May 2015, Dexter Station will be a 10-story, 345,992-square foot office building located in the flourishing Lower Queen Anne/Lake Union submarket. Facebook …

June 16, 2015

Newer Posts

Older Posts