SPOKANE, WASH. — SVN Cornerstone has arranged the sale of Whispering Pines Apartments, an age-restricted apartment community in Spokane. The asset traded for $10.1 million. The unassisted seniors housing community offers two- and three-bedroom units with two-car garages and individual backyards. Community amenities include a clubhouse and dog park. Nate Gant and Guy Byrd of SVN Cornerstone represented the undisclosed seller, while Levi Sterley of Lee & Associates represented the undisclosed buyer in the deal.
SPOKANE, WASH. — SVN Cornerstone has brokered the sale of Perry Storage, a warehouse, office, indoor and outdoor storage facility in Spokane. RDD Holdings LLC acquired the property from Perry LLC for $7 million. Situated on 13.5 acres at 10808 N. Perry St., the multi-building facility features 47,428 square feet of self-storage space. The property was constructed between 2009 and 2016. John Hiller of SVN Cornerstone represented the buyer, while the seller was self-represented in the deal.
TACOMA, WASH. — Merrill Gardens Senior Living has opened Merrill Gardens at Wright Park in the historic Stadium District in Tacoma. Merrill Gardens co-developed the property with Rush Development. The community features 115 independent living and assisted living apartments in studio, one- and two-bedroom layouts, as well as 18 memory care units. The main floor of the community features 2,600 square feet of retail space that includes an on-site urgent care clinic. Merrill Gardens will manage the senior living community and Rush will manage the retail space. The community mixes urban living and access to green space along with unobstructed views of Commencement Bay, Mt. Rainier, The Cascades and The Olympics.
PULLMAN, WASH. — Dwight Capital has closed a $32.8 million HUD refinancing for Pimlico Apartments, a multifamily property in Pullman. Situated on 17 acres, the community consists of 30 three-story buildings offering a total of 361 apartments, an onsite management office and parking. The community was completed in two phases, with Phase I delivered in 2014 and Phase II in 2016. Keith Hoffman and Jack Tawil of Dwight Capital originated the transaction for the borrower, Corporate Pointe Developers. The loan benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points because Pimlico Apartments is Energy Star certified.
SEATTLE — Green Leaf Capital Partners has purchased Broadstone Sky, a mid-rise apartment community at 4745 40th Ave. S.W. in Seattle. David Young, Corey Marx, Chris Ross, Jordan Louie and Michael Lyford of JLL Capital Markets’ investment sales and advisory team represented the undisclosed seller in the deal. Terms of the transaction were not released. Completed in 2016, Broadstone Sky features 151 one- and two-bedroom units with an average size of 706 square feet, stainless steel appliances, quartz countertops, full-size washers and dryers, oversized windows and vinyl plank flooring. Community amenities include a 24-hour athletic center, rooftop deck, entertaining kitchen, resident lounge, two outdoor barbecue areas and an on-site coffee and wine shop.
SPOKANE, WASH. — Colorado-based Brinkman Real Estate has acquired two multifamily properties in Spokane: The Flats on Liberty and The Flats on Foothills. 4Degrees sold the assets for an undisclosed price. Brinkman’s capital markets team, in partnership with Jason Bond of Berkadia, led the financing for the portfolio. Coastal Community Bank provided the capital. Situated three miles apart, the two communities offer a total of 120 units. The Flats on Liberty was completed in 2022, and The Flats on Foothills was completed in 2023. The company’s business plan for the properties focuses on tenant-centric improvements, including a more active property management platform for residents’ convenience and minor interior upgrades such as smart-home packages and enhanced lighting.
REDMOND, WASH. — First Citizens Bank’s real estate finance group has arranged $65.7 million in financing for MainStreet Property Group to develop The Spark Apartments, a Class A multifamily project in Redmond. The asset will feature 211 units spread across two buildings divided by a public urban forest and connected by a sky bridge. Apartments will feature quartz countertops, stainless steel appliances, washers/dryers, air conditioning, and patios or balconies on 50 percent of the units. Community amenities will include an automated package room with contactless delivery, communal kitchen, food garden, mediation room, artist studio and fitness center. The property is being constructed using low-carbon concrete and will feature a rooftop solar system and carsharing partnership that will offset the building’s carbon footprint.
KENT AND KENNEWICK, WASH. — Newmark has arranged the sales of two retail properties, totaling 124,660 square feet, in Kent and Kennewick. The assets sold for undisclosed amounts. One property is a 67,240-square-foot vacant former Tops Foods Grocer, located at 26000 100th Pl. SE in Kent. The asset is part of the Canyon Ridge Shopping Center, which is shadow-anchored by Target, Ross Dress for Less, Old Navy and Petco. Located at 6603 W. Canal Drive in Kennewick, the second building is a 57,420-square-foot, single-tenant property that is triple-net leased to Sportsman’s Warehouse. The property is within the Colonnade Shopping Center, which includes Ross Dress for Less, Best Buy, PetSmart and Michaels. Sportsman’s Warehouse has operated at this location for more than 20 years and recently extended its lease. Paul Sleeth and Billy Sleeth of Newmark represented the private sellers in both transactions. Kent is a suburb of Seattle, while Kennewick is located in the southeast quadrant of the state.
YAKIMA, WASH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.1 million bridge loan for the purchase of the Powerhouse Villas Duplex multifamily portfolio in Yakima. Tammy Linden of MMCC’s Seattle office arranged the 12-month loan for the undisclosed borrower. Built in 2018, the portfolio consists of 12 duplexes, totaling 24 units. The acquisition was part of a 1031 exchange, with purchase contracts assembled from three different sellers. Zachary Howe of Marcus & Millichap handled the acquisition.
VANCOUVER, WASH. — HFO Investment Real Estate has arranged the sale of Meadow Brook Place Apartments, a multifamily community located at 2231 NE Bridgecreek Ave. in Vancouver. California-based Aukum Group acquired the asset from Meadowbrook Place LLC, an entity associated with an Oregon family investor group, for $38.5 million. Built in 1996, Meadow Brook Place Apartments features 154 one-, two- and three-bedroom residences spread across 17 buildings, ample off-street parking, storage space, a rental office, pool and basketball court. Greg Frick, Tyler Johnson and Rob Marton of HFO facilitated the transaction.