BOTHELL, WASH. — Griffis Residential has purchased the 524-unit Bridges at Northcreek Apartments for an undisclosed sum. The community is located at 20225 Bothell Everett Highway in Bothell, about 23 miles north of Downtown Seattle. The property has been renamed Griffis North Creek Bothell. It was built in 1999. Notable employers in the area include Microsoft, Boeing, Lockheed Martin, Panasonic, Phillips Medical and Seattle Genetics.
WOODINVILLE, WASH. — Acacia Capital Corp. has purchased the 360-unit Campbell Run apartments in Woodinville for $98 million. The community is located at 13305 N.E. 171st St., just outside downtown Seattle and the Eastside Tech Corridor. It was built in 1989 and renovated in 2014. Campbell Run is the second largest garden-style apartment community to sell this year on the Eastside in terms of both sales price and number of units, according to the new owner. The seller was Grosvenor Americas, while the property manager was Thrive Communities. Philip Assouad and Giovanni Napoli of Kidder Mathews brokered the transaction.
SEATTLE — LBA Realty has purchased the 123,108-square-foot Broadacres office building in Seattle for $25.4 million. The building is located at 1601 2nd Ave., two blocks from Sound Transit-King County Metro’s Westlake station and one block from Pike Place Market. The 10-story property is a value-add, creative office redevelopment opportunity, according to HFF, which represented the seller, Principal Real Estate Investors, in this transaction. Nicholas Kucha led the firm’s team, which marketed the property in partnership with KG Investment Properties.
SEATTLE — Kennedy Wilson and an equity partner have acquired the 204-unit Equinox apartment community in Seattle for $90 million. The Class A community is located at 1520 Eastlake Ave. E. Equinox was built in 2009, near the South Lake Union submarket. The community is within walking distance to Facebook, the Fred Hutchinson Cancer Research Center, Amazon’s headquarters and the future 607,000-square-foot Google campus.
SEATTLE — R.C. Hedreen Co. and an affiliate of Hyatt Hotels Corp. have entered into a management agreement to develop a 1,260-room Hyatt Regency hotel in Seattle. The hotel will be situated at 8th and 9th avenues, between Stewart and Howell streets, in the Denny Triangle neighborhood. The new Hyatt will include more than 100,000 square feet of flexible meeting and event facilities, multiple food and beverage outlets, and a Regency Club lounge. The hotel will be in close proximity to the Washington State Convention Center, Pike Place Market, the Space Needle and the Seattle Aquarium. The full-service hotel is expected to open in mid-2018. R.C. Hedreen Co. currently owns Grand Hyatt Seattle and Hyatt at Olive 8.
FORT LAUDERDALE, FLA. AND SEATTLE — Avanath Capital Management has acquired The Lodge at Peasley Canyon in Seattle and Harbour Pointe in Fort Lauderdale for a total of $84.8 million. Both properties are multifamily communities targeting middle-income families. The Lodge features 339 units while Harbour Pointe features 34 units. Oak Tree Residential was Avanath’s joint-venture partner on the Florida transaction. “Each of these assets presents an opportunity to leverage market growth while also preserving much-needed workforce housing in cities that have experienced some of the highest rent increases in the nation,” says John Williams, president and chief investment officer of Avanath. “Amidst this rent growth, there is a severe shortage of quality workforce housing that caters to middle-income families in major urban cores throughout the nation.” Built in 2004, The Lodge at Peasley Canyon’s amenities include a pool and spa, fitness center, modern kitchens with maple cabinetry and washers and dryers in most units. Avanath bought the property for $73.3 million and plans to enhance the clubhouse, lighting, kitchens and bathrooms. The seller was an institutional owner. Constructed in 1976 and renovated in 2006, Harbor Pointe is currently 100 percent occupied and features marble floors and boat slips. Avanath and …
KENT, WASH. — MG Properties Group (MGPG) has purchased The Mosaic Hills Apartments in Kent for $51.6 million. The community is located at 10811 S.E. 239th Place. Mosaic Hills was built in 1980. MGPG plans to reposition the property through a multi-million-dollar renovation plan that will include upgrades to the property’s common areas and unit interiors, as well as a capital investment to cure deferred maintenance. MGPG financed the acquisition using a $41.3M Freddie Mac loan that Charles Halladay and Lee Redmond at HFF arranged. Giovanni Napoli and Phillip Assouad at Kidder Mathews represented the seller.
SEATTLE — Bridge Development Partners has broken ground on a 241,140-square-foot refrigerated facility near Seattle’s Sea-Tac Airport. The facility is located at 1010 S. 146 St. Western Distribution Services will operate the property, which Tippmann Innovation will build.
SEATTLE — Cushman & Wakefield has arranged $145 million in acquisition financing for Merrill Gardens, which will use the funds to purchase a 456-unit seniors housing portfolio on the West Coast. Merrill Gardens, a seniors housing owner-operator based in Seattle, already operates the four communities that it will now own, along with a joint venture partner that was not named. The portfolio includes properties in the high-barrier-to-entry markets of Orange County, San Francisco, Silicon Valley and downtown Seattle. The properties acquired are Merrill Gardens of Huntington Beach, Merrill Gardens at Lafayette, Merrill Gardens at Campbell, and Merrill Gardens at First Hill. The communities offer independent living, assisted living and memory care. Cornerstone Real Estate Advisors, acting on behalf of an institutional investor, provided the $145 million in long-term financing. The Cushman & Wakefield team, which arranged both the loan and the transaction, included Richard Swartz, managing director; Jay Wagner, managing director; Aaron Rosenzweig, senior director; Michael Kane, senior director; and Timothy Hosmer, director.
CHICAGO — CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, has completed eight student housing communities comprising nearly 4,000 beds across the U.S. Located in eight states, the properties are about 95 percent occupied and represent nearly 10 percent of the 47,700 off-campus student housing beds slated to deliver nationwide in 2016, according to the developer. Valued at more than $460 million, the new communities boost the size of CA Student Living’s portfolio to $1.5 billion. All offer fully furnished apartments with in-unit laundry and a 1:1 bed-to-bath ratio in most units. The newly delivered communities include: Uncommon Athens — Uncommon Athens is a five-story building located at 165 E. Dougherty St in Athens, Ga. It is within walking distance to both downtown Athens and the University of Georgia. The property’s 210 beds include a mix of one-, two- and four-bedroom floor plans, and the development contains 10,600 square feet of street-level retail space. Indoor amenities include a 24-hour fitness center, golf simulator, business center, study lounge, group meeting space, club room and coffee bar. Uncommon Charlottesville — Uncommon Charlottesville, a six-story building located at 1000 W. Main St. in Charlottesville, Va., is within …
