TUKWILA, WASH. — Investors Management Group (IMG) has completed the disposition of Foster Creek Apartments, a multifamily property in Tukwila. Terms of the transaction were not released. Located at 15110 Macadam Road South, Foster Creek Apartments features 179 units. IMG directed a $3.7 million capital improvement program, including remodeling the leasing office, adding a fitness center, resurfacing the parking areas, new roofs and remodeling unit interiors. The property was originally built in phases between 1968 and 1978. Ben Johnson and David Sorensen of Berkadia Seattle represented IMG in the transaction.
Washington
SEATTLE — Kidder Mathews has arranged the off-market sale of Union Park, an apartment property in Seattle’s First Hill neighborhood. Terms of the transaction were not released. Located at 1310 Minor Ave., Union Park offers 84 apartments. Dylan Simon, Jerrid Anderson and JD Fuller of the Simon | Anderson Multifamily Team at Kidder Mathews represented the undisclosed seller and sourced the undisclosed buyer in the deal.
Gantry Secures $14M Loan for Refinancing of Best Western Plus Hotel in Moses Lake, Washington
by Amy Works
MOSES LAKE, WASH. — Gantry has secured a $14 million permanent loan to refinance the Best Western Plus Lake Front Hotel, located at 3000 W. Marina Drive in Moses Lake. The hotel, including onsite restaurant, underwent an improvement program in 2023. The hotel features a heated outdoor pool, hot tub, steam room, cocktail lounge, meeting and banquet facilities, a business and convention center and a fitness center. Drit Shoemaker of Gantry represented the borrower, a private real estate investor. A regional bank provided the seven-year, fixed-rate loan, which features a 25-year amortization schedule.
LACEY, WASH. — Koelsch Construction, on behalf of Koelsch Communities, has completed Karlo Apartments, a $66.5 million, 227,587-square-foot multifamily development in the Hawks Prairie neighborhood of Lacey. Karlo Apartments offers 188 one-, two- and three-bedroom units designed with a focus on modern craftsmanship and resident-centered living. The development caters to a mix of military families, professionals and long-term residents. Situated on 8.7 acres, the property offers a clubhouse, fitness center, pickleball and basketball courts, a children’s playground and pet play areas.
SEATTLE — Equity Residential has completed the disposition of Urbana, a seven-story multifamily property in Seattle. Carmel Partners acquired the property. The sales price was nearly $121 million, according to local media reports. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer. Built in 2014, Urbana offers 289 apartments, two rooftop decks, a resident lounge with theater, a dog run and pet spa, bike storage and a gated parking garage, as well as 29,884 square feet of street-level retail space occupied by Verizon Wireless, Papa John’s, Five Guys and Planet Fitness.
Realterm Expands Final-Mile Industrial Portfolio, Buys Truck Terminal in Tacoma, Washington
by Amy Works
TACOMA, WASH. — Realterm, an independent global investment manager focused on the transportation industry, has acquired 1955 Lincoln Avenue, a truck terminal in Tacoma. Terms of the transaction were not released. The purchase represents Realterm’s ninth high flow through (HFT) industrial property in the greater Seattle/Tacoma region. The property includes an 8,600-square-foot warehouse and 1,100 square feet of office space situated on 2.4 acres of fully paved, lit and secured land. The truck terminal features 29 dock doors with a grade-level loading ramp, as well as additional space for trailer parking. The asset is located in the Port of Tacoma’s Heavy Haul Industrial Corridor, which permits vehicles weighing up to 98,000 pounds. The location offers immediate access to the Port of Tacoma shipping terminals and the Union Pacific Intermodal facility.
SEATTLE — LPC West, in partnership with Perkins & Will as architect and designer and GLY as general contractor, has completed Gateway Building, a 13-story, transit-oriented office property in Seattle. The 266,000-square-foot building is situated atop the U District light rail station and two blocks from the University of Washington’s Seattle campus. The University of Washington’s administration departments occupies floors two through seven, spanning 135,000 square feet, with the remaining floors dedicated to other tenants. Gateway Building features 3,000 square feet of ground-floor retail space, a two-story lobby, second-floor conference center, bike storage and shower rooms, as well as outdoor spaces, including a rooftop terrace, green roof with a 60 kW photovoltaic array and a public pocket park at the corner of Brooklyn Avenue NE and NE 43rd Street.
BELLEVUE, WASH. — Su Development has completed the sale of Soma Towers, an apartment property located at 288 106th Ave. NE in Bellevue, to The Sobrato Organization for $192.8 million. Consisting of two towers, Soma Tower features 273 apartments in a mix of studio, one- and two-bedroom floor plans and two- and four-bedroom penthouse suites. The towers also offer 29,964 square feet of commercial space across two floors that is 90 percent leased to restaurants, retail and cultural amenities. Community amenities include a heated lap pool, fitness center, golf simulator, rooftop terrace, 18-seat theater and media room. Eli Hanacek, Kyle Yamamoto and Mark Washington of CBRE represented the seller in the deal.
BWE, Blueprint Healthcare Secure $17.8M in Acquisition Financing for Memory Care Communities in Washington, Oregon
by Amy Works
KENNEWICK, WASH., AND SALEM, ORE. — BWE and Blueprint Healthcare Real Estate Advisors have closed two loans totaling $17.8 million to provide financing for the purchase of two memory care communities in Washington and Oregon. The financing includes a $10.4 million loan for Windsong at Southridge, a 56-unit community in Kennewick, and a $7.4 million loan for Windsong at Eola Hills, a 56-unit property in Salem. Lundat Kassa of BWE and Kristen Ahrens of Blueprint secured the HUD financing. Both acquisition bridge loans, which have five-year terms, 72 percent loan-to-cost and no prepayment penalties, are nonrecourse with fixed and competitive rates. After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100 percent loan-to-cost for the borrowers. Located at 4000 W. 24th Ave. in Kennewick, Windsong at Southridge was constructed in 2018 and offers a variety of amenities, including arts and crafts activities, a salon, game room, gym, library and a health and therapy center. Constructed in 2015 at 20230 Wallace Road NW in Salem, Windsong at …
Vibe Brand Boutique Office Properties Sells Three-Building Complex in Redmond, Washington
by Amy Works
REDMOND, WASH. — Vibe Brand Boutique Office Properties has completed the disposition of Vibe Redmond, a three-building Class A office complex in Redmond. Muslim Association of Puget Sound (MAPS) and Medina Academy acquired the asset for an undisclosed price in an off-market transaction. Tom Pehl, Charles Safley and Jeff Hudson of CBRE’s Capital Markets team in the Pacific Northwest represented the seller, while Jim Reed and Adrienne Hunter of Lee & Associates represented the buyers in the deal. Developed in 1982 on 7.7 acres, the three buildings at 5000, 5010 and 5020 148th Ave. NE offer a total of 146,165 square feet. Medina Academy will use Building A for a middle school and high school. MAPS will convert Building C into a mosque and spiritual center once the property is vacated and redevelop Building B into an education and outreach center.