Washington

Colliers Negotiates $13.6M Sale of Villa Andora Apartment Building in West Seattle

by Amy Works July 5, 2022

SEATTLE — Colliers has brokered the sale of Villa Andora, a multifamily building located at 1520 California Ave. SW in the North Admiral neighborhood of West Seattle. The property traded for $13.6 million. The names of the buyer and seller were not released. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers represented the seller, while Adam Groberman of Colliers represented the buyer in the deal. Totaling 30,029 square feet, Villa Andora features 37 apartments, all of which have undergone interior renovations and feature new kitchens, bathrooms, flooring, windows, appliances, fixtures and finishes.

July 5, 2022

Development Office Washington Western

Patrinely Group, Dune Real Estate Partners Break Ground on 484,000 SF Office Tower in Downtown Bellevue

by Amy Works July 1, 2022

BELLEVUE, WASH. — Patrinely Group, in partnership with affiliates of Dune Real Estate Partners, has broken ground on FOUR106, an office tower in downtown Bellevue. The 21-story building will feature approximately 484,000 rentable square feet of office space with average floor plate sizes of 24,000 rentable square feet, along with 6,500 square feet of street-level retail space. FOUR106 will feature a fully equipped fitness center with shower and locker facilities, hands-free entries, delivery dispatch, hands-free elevators and hands-free restrooms. The project is designed to meet LEED Gold standards for core and shell. The project team includes CollinsWoerman, Mortenson Construction, DCI and Gensler. Paul Sweeney, Jason Furr and Colin Tanigawa of The Broderick Group are leasing FOUR106 on behalf of Patriney Group and Dune.

July 1, 2022

Acquisitions Retail Washington Western

CBRE Negotiates $32.7M Sale of Alderwood Towne Center in Lynnwood, Washington

by Amy Works June 29, 2022

LYNNWOOD, WASH. — CBRE has arranged the sale of Alderwood Towne Center, a retail center in Lynnwood. Bellevue-based Tri-Western Syndicated Investments, a private holding company controlled by the Radford family, acquired the asset from Alderwood Shopping Center 04 E LLC, a private investor, for $32.7 million. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal. Jack Standeford with CBRE’s Debt & Structured Finance group arranged acquisition financing for the buyer. Located at 3105-3225 Alderwood Mall Blvd., Alderwood Towne Center features 105,357 square feet of retail space leased to 20 businesses, including anchor tenants Marshalls and Michaels. Other retailers include Almost Golf, Mattress Depot, Pure Hockey and Precor Fitness. The property was constructed in 1986.

June 29, 2022

Acquisitions Multifamily Washington Western

Goodman Real Estate Sells Coventry Court Apartment Property in Tacoma, Washington for $21.1M

by Amy Works June 29, 2022

TACOMA, WASH. — Goodman Real Estate has completed the disposition of Coventry Court IV Apartments, a multifamily community located at 908 76th Street Court East in Tacoma. Jordan Fisher with Next Wave Investors acquired the asset for $21.1 million, or $211,000 per unit. The transaction included the buyer assuming the loan on the property. Built in 1990, Coventry Court IV Apartments features 100 garden-style apartments. Brandon Lewis, Dylan Simon and Jerrid Anderson of The Simon and Anderson Team of Kidder Mathews’ Seattle office represented the seller in the transaction. Kidder Mathews was the only broker involved in the deal. A separate 20-unit property, Coventry Court Annex, recently sold for $3.4 million to the same purchaser. Kidder Mathews also brokered the transaction.

June 29, 2022

Development Multifamily Seniors Housing Washington Western

Aegis Living Opens 96-Unit Seniors Housing Community in Seattle

by Amy Works June 27, 2022

SEATTLE — Aegis Living has opened its 35th community, Aegis Living Greenwood, in the Greenwood neighborhood of Northwest Seattle. The 89,000-square-foot property features 96 units. The five-story building is inspired by the neighborhood and built with Tudor Revival architecture, a classic style most popular in the United States in the 1920s and ‘30s. Ankrom Moisan was the architecture firm and Venture was the general contractor. Aegis has several additional communities in development, including a property in the Eastlake neighborhood of Seattle opening next month.

June 27, 2022

Acquisitions Development Industrial Washington Western

Bridge Purchases 77-Acre Site for Bridge Point Vancouver Industrial Development in Washington

by Amy Works June 22, 2022

VANCOUVER, WASH. — Bridge Industrial has acquired a 77-acre land parcel located at 5500 Northeast 162nd Ave. in Vancouver, a suburb of Portland, Ore. The buyer plans to develop Bridge Point Vancouver 600, an industrial facility, on the property. Private sellers sold the land site for an undisclosed price. Bridge expects to break ground on the project in late third-quarter 2022. Upon completion, the 646,274-square-foot Bridge Point Vancouver 600 will feature 40-foot clear heights, 110 docks, eight drive-in doors, 413 parking stalls and 166 trailer stalls. Zach Francis and Karla Hansen of Kidder Mathews represented Bridge, while Matt Lyman and Greg Nesting of North Stevens represented the sellers in the deal. Both teams will serve as leasing agents for the project.

June 22, 2022

Acquisitions Multifamily Seniors Housing Washington Western

Blueprint Negotiates $10.6M Sale of 50-Unit Memory Care Community in Bremerton, Washington

by Amy Works June 20, 2022

BREMERTON, WASH. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 50-unit, 64-bed memory care community in Bremerton, across the Puget Sound from Seattle. The asset, previously a skilled nursing facility, was completely renovated in 2016 and opened as a memory care community in 2017. The community maintained a 66 percent occupancy during the last couple of years, producing an average operating margin of 15 percent. The property was a geographic outlier for the undisclosed seller. The buyer is a memory care-focused owner-operator with an established presence in the Seattle area. The price was $10.6 million, or $212,000 per unit. The buyer plans to continue the focus on quality care as well as allocate approximately 20 percent of the rent roll to Medicaid residents.

June 20, 2022

Development Loans Mixed-Use Multifamily Office Retail Washington Western

Cushman & Wakefield Arranges $193M in Development Funding for The Confidential Mixed-Use Project in Seattle

by Amy Works June 16, 2022

SEATTLE — Cushman & Wakefield has procured a $193 million development funding package on behalf of Seattle-based Security Properties. The package includes a $65.2 million joint venture equity investment with MetLife Investment Management and $115.3 million in construction financing from Bank OZK for The Confidential, a 29-story, 212-unit, 374,000-square-foot mixed-use building being developed in the Belltown submarket Located at 2315 Fourth Ave., at the corner of Bell Street, The Confidential will feature 212 apartments, 17,500 square feet of office space, 8,000 square feet of ground-floor retail space and 243 parking spaces. Planned community amenities include a fitness center, lounge and theater. Currently under construction, The Confidential is expected to open in 2024. Design of The Confidential is being provided by VIA Architecture. Communita Atelier is the landscape architect and Exxel Pacific is the general contractor.

June 16, 2022

Acquisitions Multifamily Washington Western

Jacobson Co. Sells CityZen Commons Apartment Property in Kent, Washington for $52M

by Amy Works June 16, 2022

KENT, WASH. — The Jacobson Co. has completed the sale of CityZen Commons, a multifamily community located at 10925 SE 259th St.in Kent. An undisclosed buyer acquired the property for $52 million. Built in 1980 on 7.8 acres, the 23-building CityZen Commons features 177 one- and two-bedroom floor plans, with an average size of 810 square feet. Units offer a private patio or balcony and in-unit washers/dryers. Onsite amenities include a fitness center, dog park and swimming pool. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE represented The Jacobson Co. in the deal. The Jacobson Co. initially acquired the property for $28.1 million in 2018.

June 16, 2022

Acquisitions Development Multifamily Washington Western

Landmark Properties Purchases Apartment Development Site in Seattle’s U-District

by Amy Works June 15, 2022

SEATTLE — Landmark Properties has acquired two development parcels, totaling 15,225 square feet, at 1200 NE 45th St. in Seattle’s U-District. Terms of the transaction were not released. Situated near the University of Washington campus and the U-District station on Sound Transit’s Link light rail system, the land is entitled for a 24-story, 237-unit multifamily property. The new light rail station, which opened in October 2021, is two stops from Capitol Hill and three stops from the Seattle central business district. By 2023, the rail station will also connect to the Eastside and downtown Bellevue. Kyle Yamamoto, Eli Hanacek, Jon Hallgrimson and Mark Zoffel of CBRE Capital Markets’ Seattle office brokered the transaction.

June 15, 2022

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