Washington

SEATTLE — JLL has arranged the purchase of 101 Broadway Apartments, a mid-rise multifamily property in Seattle. 510/520 Fourth West Properties LLC acquired the asset from an undisclosed seller for $17.5 million. This transaction fulfills the buyer’s 1031 exchange from the recent $10.8 million sale of 510 Place, a 36-unit multifamily property in Seattle. Casey Zejdlik, Michael Lyford and Reed Curtis of JLL handled both transactions. Located at 840 E. Denny Way, the six-story 101 Broadway Apartments features 44 residences with high-end finishes, ground-floor retail space, a rooftop deck and resident lounge. The property was completed in 2017.

EVERETT, WASH. — Seattle-based Timberlane Partners, in partnership with New York-based EOS Residential Investors, has purchased Canopy Apartments, a multifamily community located at 923 112th St. S.W. in Everett, for $82.7 million. The name of the seller was not released. Canopy is the sixth acquisition through Timberlane Acquisition Fund II and follows the firm’s $37 million purchase of Vista Ridge Apartments in Issaquah, Wash., in August. Built in two phases in 1989 and 1991, Canopy includes 20 residential buildings and two clubhouses across approximately 15.9 acres. The community’s 336 residences include 91 one-bedroom, 169 two-bedroom and 76 three-bedroom units, with an average size of 878 square feet. Of the residences, 245 units have been fully renovated with improvements including luxury vinyl plank flooring, quartz countertops, tile backsplashes, stainless steel appliances and new cabinetry. Additionally, another 90 units have received renovated kitchens. Community amenities include a renovated resort-style swimming pool, fitness center, community lounge and kitchen, a game room, outdoor gathering areas and a dog park. Avenue5 Residential will handle property management services for the asset. Timberlane will focus on staffing, leasing and operating efficiencies.

SEATTLE — Rise Properties Trust has completed the disposition of Northline, a multifamily asset in Seattle’s Bitter Lake neighborhood. FPA Multifamily acquired the property for $17.7 million, or $159,910 per unit. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Northline features 111 one- and two-bedroom apartments with open-concept layouts, updated kitchens, stainless steel appliances, wood-style flooring, wood-burning fireplaces and in-home laundry. Select units offer vaulted ceilings, sunken living rooms and private patios. Onsite amenities include a resident lounge, dog park and a covered outdoor gathering area with a barbecue, fireplace and seating.

SEATTLE — Cadence Real Estate Advisors has acquired The Court at Northgate, a multifamily community located in the Pinehurst neighborhood of Seattle. A private seller group sold the asset for an undisclosed price. Built in 1978 on 3.3 acres, The Court at Northgate is a three-story property offering 132 studio, one- and two-bedroom apartments, a central courtyard swimming pool, clubhouse, game room, covered barbecue area and a dog park. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

OLYMPIA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment properties in Olympia. Hillsboro, Ore.-based Bender Equities sold the assets to FPA Multifamily for $43.7 million, or $154,417 per unit. Situated on more than 18 acres at 3000 Cardinal Drive NW, the adjacent properties include the 170-unit Evergreen Garden Apartments and the 113-unit Rock Maple Village Townhomes. Built in 1973, Evergreen Garden Apartments features 18 two-story residential buildings with a mix of one-, two- and three-bedroom apartments, a standalone clubhouse, an open park area with a basketball court, fenced children’s playground and covered barbecue and picnic area. Completed in 2004, Rock Maple Village features a mix of one-, two- and three-bedroom layouts spread across 10 two-story residential buildings. Community amenities include a children’s playground and picnic area, a basketball court and a large open lawn. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer in the deal.