Washington

Jackson Square Properties Sells Waters Edge Multifamily Property in Kent, Washington for $80M

by Amy Works October 6, 2023

KENT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Waters Edge, an apartment community in Kent. Jackson Square Properties sold the asset to FPA Multifamily for $80 million, or $263,125 per unit. Giovanni Napoli, Philip Assouad, Nicholas Ruggerio, Ryan Harmon and Anthony Palladino of IPA represented the seller and procured the buyer in the deal. Completed in 1987, Waters Edge features 304 apartments in a mix of one-, two- and three-bedroom apartments, averaging 879 square feet, with oversized laundry rooms and wood-burning fireplaces with brick mantels. Community amenities include a private lake with walking trail, central clubhouse, leasing office, lounge, fitness center, outdoor pool, walking trails and children’s playground.

October 6, 2023

Loans Retail Washington Western

Gantry Arranges $30M Loan for Auto Dealership in Kirkland, Washington

by Amy Works October 6, 2023

KIRKLAND, WASH. — Gantry has secured a $30 million permanent loan to refinance the Lee Johnson Family’s automotive dealership property in Kirkland. Located at 11845 NE 85th St., the asset features a 100,000-square-foot commercial facility and showroom. Demetri Koston and Mike Taylor of Gantry arranged the nine-year, low-leverage loan that features a fixed rate and 30-year amortization for the borrower, a private partnership.

October 6, 2023

Market Reports Retail Washington Western Western Market Reports

Suburbs Serve as Main Retail Growth Driver in Seattle

by Jeff Shaw October 6, 2023

— Jennifer Seversen, Vice President, CBRE — Suburban retail is emerging as the main driver of retail growth in Seattle. In the height of the pandemic, many consumers stayed close to home, rediscovered their neighborhoods and began shopping primarily in their communities. These habits have continued and, as a result, retailers on once-heavily trafficked commute paths have experienced declining sales revenue. Retailers are taking notes, particularly those in city office districts that rely heavily on daytime foot traffic. The white-hot activity in suburban retail has led to vacancy rates under 2 percent, healthy rent growth and record-breaking absorption within new developments. Rents in suburban markets like Totem Lake, Bothell and Woodinville are outpacing downtown Seattle by 50 percent, something that would not have been conceivable three years ago. Well-located mixed-use retail projects and neighborhood centers have led the way in pushing rent growth, while grocery-anchored developments have been attractive assets to investors. Restaurants have proven to be a major driver of retail activity, with Seattle having a 7 percent increase in diners year over year through the second quarter, the fifth highest increase in the U.S., according to OpenTable. An example of the rise in suburban retail demand is Harvest, …

October 6, 2023

Affordable Housing Development Loans Multifamily Washington Western

KeyBank Provides $14.6M Construction Loan for New Life Homes Affordable Project in Tacoma, Washington

by Amy Works October 5, 2023

TACOMA, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $14.6 million in financing for the construction of New Life Homes, a 60-unit low-income housing project in Hilltop in Tacoma. The community is designated for individuals in recovery for substance abuse, those leaving the criminal justice system, formerly homeless persons, persons with disabilities and veterans earning no more than 30 percent or 50 percent of area median income. Shiloh Baptist Church, with Beacon Development Group as consultant, is sponsoring and developing New Life Homes. Shiloh Baptist Church, a historically Black church, wants to combat gentrification on Tacoma’s Hilltop neighborhood by transforming several of its parcels along the block of South I Street into affordable housing. With the assistance of Tacoma Housing Authority, the church has leveraged several public funding sources along with tax credits and traditional financing to construct New Life Homes. Believing In Myself Again (BIMA) Services will provide supportive services for tenants with a focus on creating opportunities for growth, education and skill development. Veterans Affairs will provide services for the Veterans Affairs Supportive Housing units and coordinate with BIMA. KeyBank CDLI provided a $14.6 million construction loan with LIHTC equity provided by National Equity Fund (NEF). …

October 5, 2023

Acquisitions Multifamily Washington Western

IPA Brokers $34.3M Sale of Two Multifamily Properties in Des Moines, Washington

by Amy Works October 3, 2023

DES MOINES, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment communities in Des Moines. Spinnaker Landing and Regatta sold for a combined $34.3 million, or $225,987 per unit. Philip Assouad, Giovanni Napoli, Nicholas Ruggiergo, Ryan Harmon and Anthony Palladino of IPA represented the sellers, Spinnaker Landing Apartments LLC and Regatta Apartments LLC, and procured the buyer, a private Los Angeles-based owner, in the transaction. Centrally located between Seattle and Tacoma, Wash., the two garden-style properties are surrounded by office and flex industrial space, including the headquarters of the Federal Aviation Administration and Alaska Airlines. Built in 1987, Spinnaker Landing features 66 units, and Regatta, which was built in 1983, features 86 units.

October 3, 2023

Acquisitions Development Industrial Washington Western

Cascade Civil Development Buys 150 Acres in Southern Washington for Industrial Development

by Amy Works September 29, 2023

LONGVIEW, WASH. — Oregon-based Cascade Civil Development has acquired a 150-acre industrial development site in Longview. The property is near the Port of Longview on the Interstate 5 corridor, approximately 55 miles north of Portland, Ore. Weyerhaeuser sold the site for an undisclosed price. Aaron Watt, Keegan Clay and Michael Flynn of Cushman & Wakefield represented the buyer and seller in the deal. Additionally, the trio was retained to handle leasing and disposition services for the future development. While official plans for the site have not been announced, the buyer has all permits in place for mass grading to bring the site to shovel-ready condition. The property has the capability to accommodate nearly 2 million square feet of industrial product. Additionally, the site is rail served with high-capacity utility infrastructure.

September 29, 2023

Acquisitions Multifamily Student Housing Washington Western

11 Capital Disposes of Two Student Housing Properties in Bellingham, Washington for $35.4M

by Amy Works September 22, 2023

BELLINGHAM, WASH. — 11 Capital has completed the sale of WWU – Living Portfolio and The U, two student housing communities near Western Washington University (WVU) in Bellingham. PTLA Corp. acquired the assets for a total of $35.4 million. Kevin Larimer and Brandon Buell of Berkadia Student Housing, along with Steven Chattin, Mitchell Belcher, Jay Timpani, Chad Blenz and Brandon Lawler of Berkadia’s Seattle office, represented the seller in both transactions. The WWU – Living Portfolio sold for $29.2 million and consists of 145 units spread across three student housing properties that were 87 percent occupied at the time of sale: — University Heights, a 78-unit/114-bed community at 2110 Bill McDonald Parkway — Taylor Heights, a 16-unit/64-bed property at 2115 Taylor Ave. — Viking Gardens Apartments, a 33-unit/132-bed community at 2300 Bill McDonald Parkway The U, which sold for $6.2 million, features 18 units/61 beds. The property was 97 percent occupied at the time of sale.

September 22, 2023

Acquisitions Multifamily Washington Western

IPA Negotiates $32.4M Sale of Trellis Apartment Community in Federal Way, Washington

by Amy Works September 21, 2023

FEDERAL WAY, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale Trellis, a multifamily property in Federal Way, just north of Tacoma. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million, or $291,892 per unit. Built in 1985 on 8.6 acres, Trellis features 33 one- and two-story duplexes and fourplexes. The community offers 111 two- and three-bedroom apartments with large windows, wood-burning fireplaces, washers/dryers and private decks or patios. Ryan Harmon, Giovanni Napoli, Philip Assouad and Nicholas Ruggiero of IPA represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged $21.1 million of interest-only acquisition financing for the buyer.

September 21, 2023

Loans Multifamily Washington Western

Dwight Mortgage Trust Funds $23.6M Bridge Loan for Prairie Home Apartments in Vancouver, Washington

by Amy Works September 20, 2023

VANCOUVER, WASH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $23.6 million bridge loan for the refinancing of Prairie Home Apartments in Vancouver. McBride Capital brokered the transaction for the borrower, RRC Group. Proceeds of the bridge loan will be used to retire existing construction debt. Built in 2023, Prairie Home Apartments features 120 units spread across five three-story residential buildings, a clubhouse, garages, a fitness center, pool, spa, barbecue grill, picnic area, dog wash station and dog park.

September 20, 2023

Acquisitions Industrial Washington Western

Coldwell Banker Negotiates $14.7M Acquisition of Industrial Park in Everett, Washington

by Amy Works September 14, 2023

EVERETT, WASH. — Coldwell Banker Commercial Danforth has arranged the purchase of an industrial park in Everett. Mina Properties VIII acquired the asset from BFS Operations LLC for $14.7 million. Situated on 31.6 acres at 3200 35th Ave. NE, the asset features four buildings offering a total of 94,000 square feet of industrial space. The industrial park offers access to Interstate 5 and SR 529. Mina Properties VIII intends to maintain the property as a multi-tenant investment. Michael Fear of Coldwell Banker Commercial Danforth handled the transaction on behalf of the buyer.

September 14, 2023

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