Washington

EQT Exeter Buys Four Gayteway Business Park Buildings in Arlington, Washington for $70.6M

by Amy Works June 5, 2024

ARLINGTON, WASH. — EQT Exeter has purchased Gayteway Business Park buildings B, C, F and G from Chris Gayte and Brent Nicholson of Gayteway Business Park for $70.6 million. Situated on 22.3 acres in Arlington, approximately 45 miles north of Seattle, the four Class A industrial buildings total 365,000 square feet. Located at 20101 and 19927 67th Ave. Northeast, the buildings offer dock-high and grade-level loading, concrete truck courts, 24- to 30-foot clear heights, abundant parking and ESFR sprinklers. Brett Hartzell and Paige Morgan of CBRE National Partners represented the seller in the deal. Al Hodge of Broderick Group assisted on the transaction.

June 5, 2024

Acquisitions Multifamily Washington Western

NBP Capital Sells Thunderbird Village Multifamily Community in Vancouver, Washington for $26.7M

by Amy Works June 5, 2024

VANCOUVER, WASH. — NBP Capital has completed the disposition of Thunderbird Village, a garden-style apartment community in Vancouver, a suburb of Portland, Oregon. An undisclosed buyer paid $26.7 million for the property, which is located at 4601 E. 18th St. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the deal. Built in 1972, Thunderbird Village features 182 one-, two- and three-bedroom floor plans averaging 972 square feet. Of the units, 41 have been renovated to include upgraded vinyl and carpet flooring, new appliances and hardware, quartz countertops and stacked washers/dryers. Newly renovated community amenities include an outdoor swimming pool, sauna, walking trails, fitness center, tennis and basketball courts, and business center.

June 5, 2024

Affordable Housing Development Loans Multifamily Washington Western

Kōz Development Receives $48M Financing for Workforce Housing Development in Seattle

by Amy Works May 29, 2024

SEATTLE — Kōz Development, a Washington-based, women-led development firm, has closed on $48 million in financing for the development of Kōz in Lower Queen Anne, a multifamily property located at the corner of W. Republican St. and 3rd Ave. in Seattle’s Queen Anne neighborhood. The financing includes an equity investment from MSquared, a women-owned real estate development and investment platform, and a construction loan from Goldman Sachs. The project will feature 169 units available to households at a range of income levels. Sixty-nine units will be affordable to households earning up to 80 percent of the area median income (AMI). An additional 17 units will be restricted through the Mandatory Housing Affordability Program for 75 years and will be deeply affordable to households earning between 40 percent and 60 percent of AMI. The remaining units will have rents attainable at workforce levels. Snohomish County-based Kirtley-Cole Associates is serving as general contractor for Kōz in Lower Queen Anne, which will be built to Washington’s Built Green standards, which approximates a LEED Silver level of sustainability. Financing sources include a $26.1 million construction loan from the Urban Investment Group at Goldman Sachs Alternatives and a $9.7 million equity investment by MSquared. Cushman …

May 29, 2024

Development Multifamily Washington Western

Joint Venture Completes 311-Unit Eastline Grand Apartments in Redmond, Washington

by Amy Works May 28, 2024

REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has completed the development of Eastline Grand. Located in downtown Redmond, a suburb east of Seattle, the project is the first phase of redevelopment at the Remond Square Shopping Center. Located at 16595 Redmond Way, Eastline Grand features 311 studios, one-, two- and three-bedroom apartments ranging from 483 square feet to 1,279 square feet and 20,000 square feet of ground-floor retail space. The units offer air conditioning; top-of-the-line finishes, including chef-inspired kitchens complete with Bertazzoni and Kitchen Aid appliance packages, gas ranges, kitchen range hoods, microwaves and Carrera quartz countertops; and bathrooms with tiled tub surrounds, floating vanities and illuminated mirrors. At full build out, the redevelopment project will feature 623 residences on 3.5 acres. The developers broke ground in October 2021. Slated for delivery in first-quarter 2025, the second building, Eastline Central, under construction at 16502 Cleveland St., will offer 312 apartments and 13,000 square feet of retail and commercial space.

May 28, 2024

Development Multifamily Seniors Housing Washington Western

Koelsch Nears Completion of $93M Belle Harbour Seniors Housing Project in Bellevue, Washington

by Amy Works May 23, 2024

BELLEVUE, WASH. — Koelsch Communities has neared completion of Belle Harbour, a seniors housing community in Bellevue, a suburb of Seattle. The developer expects to open the $93 million project this summer. The campus comprises The Park at Belle Harbour, an assisted living community, and The Inn at Belle Harbour, a dedicated memory care community. Encompassing nearly three acres, the boutique campus features 145 suites across both buildings, with the assisted living community containing 73 private studios, one-bedroom and two-bedroom units. The memory care building has 72 suites ranging from private to shared and “neighborhood” options. The new campus follows the recent completion of University Village, a Koelsch community in Vancouver, approximately 180 miles south in the suburbs of Portland, Oregon. The $112 million development encompasses 13 acres and features 136 suites in its independent living community, The Park at University Village, and 101 suites in its assisted living community, The Inn at University Village. Additionally, The Park has 26 cottages comprised of one-, two- and three-bedroom homes. Resident move-ins began in late 2023 and the campus is currently more than 50 percent occupied. Koelsch Construction served as general contractor for both developments, with Shearer Construction as a partner on …

May 23, 2024

Acquisitions Retail Washington Western

BH Properties Acquires 335,000 SF Pacific Place Mall in Seattle

by Amy Works May 21, 2024

SEATTLE — Los Angeles-based BH Properties has purchased Pacific Place, a 2.1-acre upscale entertainment and shopping center in downtown Seattle, for an undisclosed price. Situated between Seattle Convention Center and Pike Place Market, the 335,000-square-foot Pacific Place offers five floors of retail space, including an 11-screen AMC Theatre and various restaurants. Developed in 1998, the regional indoor shopping mall underwent a renovation in 2019. Current tenants include Tiffany & Co., AMC Theaters, Din Tai Fung and Haidilao at the 45 percent-occupied asset. The property also offers a 1,164-stall, below-grade parking garage.

May 21, 2024

Acquisitions Mixed-Use Multifamily Retail Washington Western

Cushman & Wakefield Negotiates $4.5M Sale of Villa Luisa Mixed-Use Property in Seattle

by Amy Works May 21, 2024

SEATTLE — Cushman & Wakefield has arranged the sale of Villa Luisa, a vintage mixed-use apartment and retail community in Seattle’s Ballard neighborhood. The asset traded for $4.5 million. The names of the seller and buyer were not released. Situated on the corner of NW 60th St. and 15th Ave. NW, Villa Luisa features 16 apartments and four ground-floor retail spaces. Originally built in 1927, the two-story building offers a mix of studios, one- and two-bedroom apartments and on-site parking. Current retail tenants are Nolita Italian bistro, The Wax Bar, a mini-mart and an art studio. Tim McKay, Dan Chhan, Matt Kemper, Jacob Odegard, Dylan Roeter and Byron Rosen of Cushman & Wakefield represented the seller in the deal.

May 21, 2024

Acquisitions Multifamily Student Housing Washington Western

Greystar, Provident Acquire Two On-Campus Student Housing Communities at the University of Washington in Seattle

by Amy Works May 17, 2024

SEATTLE — A joint venture between Greystar Real Estate Partners and Provident Resources Group Inc. has received $183 million in tax-exempt bond financing and completed the acquisition of two student housing communities on the University of Washington campus in Seattle. The communities, Nordheim Court and Radford Court, will now be owned by Provident under a ground lease agreement with the university. Greystar will now operate the properties. Built in 2003, Nordheim Court offers 454 beds for upper-division students. The community is set to undergo renovations to residential units and common areas beginning this summer. Radford Court, which was developed in 2000, offers 399 beds for students attending the university with families and staff members. Rents at the property are set below market rates, with 127 apartments designated for those earning up to 50 percent of the area median income. The property also includes a childcare center. These acquisitions are Phase I of the University of Washington’s UH4 plan, which seeks to increase housing and improve housing quality for students. The university plans to develop additional on-campus undergraduate housing utilizing proceeds from this transaction to accommodate enrollment growth and alleviate existing demand. The second phase of UH4 will include the redevelopment of …

May 17, 2024

Affordable Housing Development Multifamily Washington Western

GMD Development, WNC & Associates to Develop 182-Unit Victory Northgate Affordable Housing Project in Seattle

by Amy Works May 17, 2024

SEATTLE — GMD Development and WNC & Associates have closed a deal to begin construction on Victory Northgate, a six-story affordable housing developing in north Seattle. Located at 1000 Northeast Northgate Way, Victory Northgate is slated for completion in April 2026. The community will offer 13 studios, 101 one-bedroom units, 17 two-bedroom units and 51 three-bedroom units, as well as 6,800 square feet of commercial space with 77 underground parking stalls. The 182 affordable apartments are targeted for families earning up to 60 percent of the area median income. The first-floor commercial space is tentatively reserved for a daycare facility run by the YMCA of Greater Seattle. Victory Northgate will meet all mandatory criteria required by the Evergreen Sustainable Development Standard, Washington State’s sustainable building framework. Sustainable features will include Energy Star-rated appliances; high-efficiency mechanical systems, windows and insulation; low-flow plumbing components; LED lighting throughout the property; and 90 percent drought-tolerant landscaping. The deal was structured with 4 percent LIHTC equity, a construction and permanent loan through Citi Community Capital and a $25.5 million soft loan from the City of Seattle. AOF/Pacific Affordable Housing Corp. is participating as the nonprofit co-general partner.

May 17, 2024

Development Multifamily Seniors Housing Washington Western

Aegis Living Opens 136-Unit Seniors Housing Project in Seattle

by Amy Works May 15, 2024

SEATTLE — Aegis Living has opened Aegis Living Laurelhurst in the Laurelhurst neighborhood of Seattle, near the University of Washington (UW). The six-story building features 147,911 square feet of space and 136 assisted living apartments. Aegis Development LLC is the developer, Ankrom Moisan Architects is the architecture firm and Exxel Pacific is the general contractor. Aegis Living Laurelhurst is Aegis’ 38th community and the second one to open this year.

May 15, 2024

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