SEATTLE – Stuf, a self-storage startup company, has entered the Seattle market with two new locations. Stuf partners with property owners to monetize basements, garages and other spaces in buildings as tech-enabled storage. This model creates new cash flow opportunities for landlords while providing local communities with an easy-to-access and secure environment to store personal belongings, business inventory and more. Stuf’s first Seattle location is at 220 Second Ave. South in Seattle’s Pioneer Square district. Rubicon Point Partners owns the property. As part of the owner’s repositioning of the building, it partnered with Stuf to monetize 3,500 square feet of existing basement space into tech-enabled storage. Wright Runstad & Co. developed 400 University St., which will host Stuf’s downtown Seattle location. The startup is transforming 5,500 square feet of sub-grade mezzanine space in the 10-story office building into tech-enabled storage accessible through the garage level directly below the building.
MG Properties Buys Artesia Apartments in Everett, Washington for $61.6M
EVERETT, WASH. — MG Properties has purchased Artesia, a 192-unit apartment property in the Seattle suburb of Everett. RISE Properties sold the asset for $61.6 million. Built in 1990 and updated between 2018 and 2022, Artesia’s units feature quartz countertops, stainless steel appliances, tile fireplace surrounds and reclaimed wood mantles. Giovanni Napoli Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA) represented the seller and procured the buyer. IPA Capital Markets team members Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged the acquisition financing.
InterContinental Hotels & Resorts to Open First Pacific Northwest Hotel in Bellevue, Washington
BELLEVUE, WASH. — InterContinental Hotels & Resorts is set to open its first hotel in the Pacific Northwest in October. The InterContinental Bellevue at The Avenue will feature two towers housing 365 luxury condominiums, a 208-room InterContinental Hotel, 85,000 square feet of high-end retail space and celebrity chef-led dining. It is located on the corner of NE 8th Street and Bellevue Way. Fortress Development owns InterContinental Hotels & Resorts.
Equus Capital Partners Acquires 150-Unit Sierra Sun Apartments in Puyallup, Washington
PUYALLUP, WASH. — Equus Capital Partners has acquired Sierra Sun Apartments, a 150-unit property in the Seattle suburb of Puyallup. Built in 2006, Sierra Sun comprises 20 apartment buildings and an 8,500 square-foot clubhouse and amenity center. The community offers one-, two- and three-bedroom townhome-style units. Each unit includes an attached two car garage. Equus will conduct $2 million in renovations to the asset, including interior and exterior updates, as well as enhancements to the clubhouse and amenity center. Madison Apartment Group, a subsidiary of Equus, will oversee the upgrades in addition to managing the community. The investment is being made on behalf of a programmatic joint venture between an affiliate of Equus and a public pension plan that is based in the U.S.
Green Leaf Capital Partners Buys Encore Apartments in Seattle for $35.3M
SEATTLE — Green Leaf Capital Partners has acquired the 96-unit Encore apartments in Seattle for $35.3 million. The community is located in the Columbia City neighborhood, adjacent to the Columbia City Link light rail stop. It also contains 6,100 square feet of street-level retail. Originally developed as high-end condominiums, the mixed-use building was completed in 2022. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors represented the seller, BDR Holdings LLC, and procured the buyer in this transaction.
SLIB Brokers Sale of 52-Unit Maple Glen in Shelton
SHELTON, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Maple Glen, a 54-unit assisted living community in Shelton, approximately 55 miles southwest of Seattle. The facility was built in 2000. The property totals 50,555 square feet and is situated on approximately 3.7 acres of land. The buyer is a Pacific Northwest owner-operator and plans to spend money on capital improvements and increase the number of licensed beds. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of Senior Living Investment Brokerage handled the transaction. The seller and price were not disclosed.
Grandview North Receives $57M in Construction Financing for Harrington Place Apartments in Ferndale, Washington
FERNDALE, WASH. — Grandview North has received $57 million in construction financing for Harrington Place, a 350-unit, multi-phase apartment community in Ferndale, located near the Pacific Coast and the Canadian border. Construction is already underway on the property, located at 6276 Portal Way. Bayview Asset Management provided capital through Bayview PACE, which provided $12 million in Commercial Property-Assessed Clean Energy (C-PACE) funding. An affiliate, Oceanview Life and Annuity Co., also brought in $45 million of construction financing. Mortgage broker Seattle-based CapNorth helped arrange the transaction.
CBRE Arranges $23.3M Refinancing for Queen Anne Manor Seniors Housing Community in Seattle
SEATTLE — CBRE National Senior Housing has arranged a $23.3 million refinancing for Queen Anne Manor, a 93-unit assisted living and memory care community in Seattle. Aron Will, Adam Mincberg and Michael Cregan of CBRE National Senior Housing arranged the 10-year bridge loan with three years of interest-only payments through a national bank. The borrower is Capitol Seniors Housing. Originally built in 1908 as Seattle’s Children’s Orthopedic Hospital, the community was converted to seniors housing in 1982. Extensively renovated in 2015, the community is located two miles from downtown Seattle in the prominent, high-barrier-to-entry Queen Anne Hill neighborhood. The community offers views of Seattle’s downtown skyline to its south, the Olympic Mountains and the Puget Sound to its west and the Cascade Mountains to its east. Nearby amenities include marinas, Seattle’s waterfront, and the Seattle Center that features the Space Needle, Key Arena, Pacific Science Center, Seattle Opera House and the Monorail train system. Capitol originally acquired the property in 2016 to complement a portfolio of assets in the Pacific Northwest. Senior Services of America operates the asset under a third-party management agreement.
Barcelo Homes Sells Caesars Luxury Apartments in Tacoma for $35.4M
TACOMA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Caesars Luxury Apartments in Tacoma. Barcelo Homes sold the 131-unit asset, which it completed development of earlier this year, for $35.4 million. IPA’s Nick Ruggiero, Philip Assouad, Giovani Napoli, Ryan Harmon and Anthony Palladino represented the seller. Kathryn Dobler of Tacoma-based Dobler Management represented the buyer, RGPD LLC. The property offers a mix of studios, urban one-bedrooms, traditional one-bedrooms and two-bedroom units. An urban one-bedroom is a unit type that is popular in the Pacific Northwest. It is a junior one-bedroom floor plan that often separates the bedroom area from the living area with a smaller wall or sliding door. Amenities at Caesars Luxury Apartments include a rooftop deck with green space, a resident lounge, bike storage and maintenance room, and a parking garage with electric vehicle charging.
Marcus & Millichap Negotiates Sale of Apartment Portfolio in Spokane, Washington for $2.5M
SPOKANE, WASH. — Marcus & Millichap has arranged the sale of a 17-unit apartment portfolio in Spokane. An unnamed buyer acquired the assets for $2.5 million. The three-property portfolio is located at 212-218 W 7th Aven. and 45 E 8th Ave. Each of the apartment buildings are two-story, garden-style assets. Most of the units have been renovated with new floors, countertops, appliances and fixtures. The buyer intends to hold the property long term. Georgie Christensen-Riley and Joshua C. Reynolds of Marcus & Millichap’s Portland office marketed the property on behalf of the undisclosed seller. Joel Deis assisted in securing the buyer.