SPOKANE VALLEY, WASH. — Ready Capital has closed $7.3 million in financing for the acquisition, renovation and stabilization of an apartment community in Spokane Valley’s Dishman Hills submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan curing deferred maintenance, renovating unit interiors and building exteriors while performing various common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
VANCOUVER, WASH. — SB Real Estate Partners has acquired Bridge Creek Apartments, a garden-style multifamily community in Vancouver. An undisclosed seller sold the property, which will be rebranded as Portola Bridge Creek, for $75 million. The community is located at 9211 NE 15th Ave. within the Hazel Dell North area of Vancouver, about 14 miles north of Portland, Ore. Built in multiple phases from 1984 and 1989, the property features 270 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 650 to 1,150 square feet. Community amenities include a swimming pool with poolside barbecue stations, a playground, dog parks, a fully automated Amazon package locker system and a 24-hour modern fitness center.
HENDERSON, NEV., AND MILLWOOD, WASH. — Faris Lee Investments has brokered the sales of two single-tenant grocery stores, totaling 106,254 square feet in Henderson and Millwood. The properties sold for a combined consideration of $22.4 million. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the undisclosed buyers and seller, a Southern California-based family private office, in the deal. Located in Henderson, the 58,254-square-foot property is an absolute triple-net lease to Albertsons with 14 years remaining on its lease. The second property, located in Millwood, is a 48,000-square-foot, freestanding Safeway, with 18 years remaining on its lease.
SEATTLE — Shea Properties has opened EdgePoint Apartments, a multifamily community located at 320 N. 85th St. in Seattle’s Greenwood neighborhood. The six-story, 203-unit property features a mix of open one-, one- and two-bedroom units ranging in size from 561 square feet to 990 square feet. Units offer quartz countertops, wood-style flooring, stainless steel appliances and high-end finishes throughout. Additionally, the property features a sky deck, lounge, fitness center, pet spa and 4,500 square feet of onsite retail space. Rush served as general contractor and Runberg Architecture Group served as architect for the project.
SEATTLE — Africatown Community Land Trust (ACLT) and Community Roots Housing (CRH) have broken ground on 23rd and East Spring Street in Seattle’s Central District. Situated on a half-acre site, the seven-story building will feature 126 affordable housing units, including 59 studio apartments for households earning up to 50 percent of the area median income (AMI). Additionally, the community will feature 36 one-bedroom and 31 two- and three-bedroom units for households earning up to 60 percent of AMI. The landlord will provide heat, hot water, potable water, sewer and trash collection for the residents. The building’s ground floor will contain space for ACLT’s new headquarters, an affordable commercial kitchen to be used by local culinary entrepreneurs, a community room and bike storage. The design team includes GGLO, DREAM Architects and David Baker Architects. The general contractor group is a joint venture between Absher and MAD Construction, which is an African American-owned general contractor. In addition, 30 percent of the total value of the mechanical, electrical and plumbing work has been awarded to Adept Mechanical & General Contracting, an African American-owned subcontractor. KeyBank Community Development Lending and Investment is providing $37.4 million of construction financing and $14.2 million of permanent financing, …
KENT, WASH. — Marcus & Millichap has arranged the sale of Riviera I & II, a multifamily community located at 10718 SR 238th St. in Kent. A limited liability company sold the asset to a limited liability company for $5.2 million. Riviera I & II consists of three residential buildings offering a total of 26 apartments. The property features one 14-unit building, which was built in 1978, and two six-unit buildings that were built in 1968. The property offers a mix of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/one-and-a-half baths. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office represented the seller and the buyer in the deal.
SEATTLE — Kennedy Wilson and the real estate business within Goldman Sachs Asset Management have purchased Coppins Well, a high-rise multifamily property in Seattle, for $106.5 million, excluding closing costs. Kennedy Wilson has a 30 percent ownership interest in the property, which the partnership acquired with a total equity investment of $44 million and a $66 million loan. The ownership team plans to roll out a value-add asset management plan, which includes investing $4 million to renovate unit interiors, refresh common areas and enhance amenities. Completed in 2012, the 17-story building features 236 apartments in a mix of studio, one- and two-bedroom layouts, a movie lounge, fitness center and dog runs. Ground-floor retail tenants include a coffee house, restaurant and bank.
FIFE, WASH. — Orange County, Calif.-based MCA Realty, through its MCA Realty Industrial Growth Fund, has purchased Fife Business Center located at 4624 and 4630 16th St. in Fife for $10.4 million in an off-market transaction. At the time of sale, the 65,342-square-foot property was 96 percent occupied by a variety of tenants. MCA plans to implement a series of upgrades, including new roof overlays, HVAC repairs, new landscaping and an updated paint scheme. Joel Jones and Nick Ratzke of Neil Walter Co. represented MCA Realty in the transaction.
SHORELINE, WASH. — Marcus & Millichap has arranged the sale of Shoreline Park, an office building located at 19940 Ballinger Way NE in Shoreline. A private investor sold the asset to an undisclosed buyer for $4.3 million. Shoreline Park features 13,503 square feet of office space. At the time of sale, the property was 85 percent occupied by a mix of professional tenants. John Marks and Stren R. Lea of Marcus & Millichap’s Seattle office represented the seller in the deal.
BELLEVUE, WASH. — Patrinley Group, in partnership with affiliates of Dune Real Estate Partners, has acquired a fully entitled development site for a 484,000-square-foot office tower in downtown Bellevue. The joint venture purchased the 0.9-acre site with an advanced building design from an affiliate of FANA Group of Cos. Terms of the transaction were not released. Located at the southeast corner of NE Fourth and 106th Avenue NE, the 21-story FOUR106 office building will feature 480,000 square feet of office space and 6,500 square feet of street-level retail space. Additionally, the tower will offer a fully equipped fitness center with shower and locker facilities, tech capabilities, hands-free elevators and hands-free restrooms. The property has also been designed to meet LEED Gold standards. Construction is slated to commence this spring, with delivery scheduled for fourth-quarter 2024. FOUR106’s project team includes CollinsWoerman, Gensler, Mortenson Construction and DCI. Paul Sweeney, Jason Furr and Colin Tanigawa of The Broderick Group will handle leasing for the completed project. Kevin Shannon, Ken White and Tim O’Keefe of Newmark represented the seller in sale of the site. Bill Fishel, Tom Wilson and Rachael Lewis of JLL arranged financing for the project.