Washington

Marcus & Millichap Arranges Sale of 25,399 SF Beach View Plaza Office Building in Oak Harbor, Washington

by Amy Works November 15, 2021

OAK HARBOR, WASH. — Marcus & Millichap has brokered the sale of Beach View Plaza, an office property located in Oak Harbor. A private investor sold the asset to an undisclosed buyer for $3.7 million. Brian Mayer and Stren Lea of Marcus & Millichap’s Seattle office represented the seller in the deal. Located at 275 SE Pioneer Way, the property features 25,399 square feet of office space. At the time of sale, Beach View Plaza was 92.4 percent occupied with 62.9 percent of the property leased to Washington State government entities and 27.3 percent to People’s Bank. Prior to closing, Washington State Department of Social & Health Services extended its lease for five years.

November 15, 2021

Development Mixed-Use Multifamily Office Restaurant Retail Washington Western

Legacy Partners, Lionstone Investments Break Ground on 623-Unit Mixed-Use Redevelopment in Downtown Redmond, Washington

by Amy Works November 12, 2021

REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has broken ground for the redevelopment of the Redmond Square shopping center in downtown Redmond. When completed, the mixed-use development will feature 623 apartments spread across six buildings on 3.5 acres. The first phase of the development, located at 16595 Redmond Way, will offer 311 apartments and nearly 20,000 square feet of ground-floor retail space. Residences will feature built-in closets, Bertazzoni Italian appliances, kitchen range hoods, built-in microwaves, Carrera quartz countertops, floating bathroom vanities with framed mirrors, Latch smart home devices and air conditioning. The second phase, located at 16502 Cleveland St., will consist of 312 apartments and 13,000 square feet of retail and commercial space. Construction of the second phase is slated to begin in 2022. Tiscareno Associates is architect of record for both buildings, which will open in phases from winter 2023 to summer 2024.

November 12, 2021

Development Multifamily Washington Western

Legacy Partners, USAA Real Estate Open 306-Unit Maris Apartments in West Seattle

by Amy Works November 11, 2021

SEATTLE — Legacy Partners, along with its equity partner USAA Real Estate, has opened Maris, a multifamily property located at 4722 Fauntleroy Way SW in West Seattle. The partnership broke ground on the 306-residence project in June 2019. Maris features two standalone buildings offering a mix of studio, open one-bedroom, one-bedroom and two-bedroom floor plans. The apartments feature A/C ports, hardwood-style flooring, quartz countertops, gas and electric cooktops and an energy-efficient kitchen appliance package. Additionally, many of the units include air conditioning with smart thermostats. Designed by Seattle-based Encore Architects, Maris offers 261 parking spaces, 10,000 square feet of ground-floor retail space, co-working space and conference rooms, a fitness studio, bike storage and electric vehicle charging stations. The community also features rooftop outdoor and resident lounges with a kitchen bar, grilling station and fire pits.

November 11, 2021

Acquisitions Hospitality Washington Western

SPI Hospitality Buys Five-Property Woodspring Suites Hotel Portfolio in Washington for $88M

by Amy Works November 2, 2021

REDMOND, TUKWILA, RICHLAND, LAKEWOOD AND VANCOUVER, WASH. — Dallas-based SPI Hospitality has acquired five Woodspring Suites properties in Washington for a total of $88 million. West77 Partners sold the portfolio for $88 million. The 596-room, extended-stay hotel portfolio includes Woodspring Suites Redmond at 7045 180th Ave. NE in Redmond, Woodspring Suites Tukwila at 15637 W. Valley Highway in Tukwila, Woodspring Suites Richland at 1370 Tapteal Drive in Richland, Woodspring Suites Lakewood at 11329 Pacific Highway in Lakewood and Woodspring Suites Vancouver at 200 NE 104th Ave. in Vancouver. The Redmond and Tukwila properties were completed in 2018, the Richland and Lakewood assets opened in late 2020 and the Vancouver hotel is slated to open in November. Matthew Behrens, Chris Burdett and Jordan Caudill of CBRE Hotels represented the seller in the transaction.

November 2, 2021

Acquisitions Industrial Washington Western

Marcus & Millichap Negotiates $14.2M Sale of Oakridge Business Park One in Redmond, Washington

by Amy Works November 2, 2021

REDMOND, WASH. — The Leibsohn Group of Marcus & Millichap has arranged the sale of Oakridge Business Park One, an industrial property in Redmond. A local investor acquired the property from an undisclosed seller for $14.2 million. Located at 17965 NE 65th St., Oakridge Business Park One features 41,900 square feet of industrial space. At the time of sale, the property was fully leased to a single tenant on a long-term lease. The buyer plans to eventually redevelop the asset. Brian Leibsohn and Raymond Vara of The Leibsohn Group in Marcus & Millichap’s Seattle office represented the seller and procured the buyer in the deal.

November 2, 2021

Acquisitions Multifamily Seniors Housing Washington Western

Blueprint Brokers Sale of 123-Bed Alaska Gardens Skilled Nursing Facility in Tacoma, Washington

by Amy Works November 1, 2021

TACOMA, WASH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Alaska Gardens Health and Rehabilitation Center, a 123-bed skilled nursing facility in Tacoma. The buyer was an unnamed private owner-operator. LTC Properties Inc., a publicly traded healthcare REIT based out of Westlake Village, Calif., sold the asset for an undisclosed price.

November 1, 2021

Affordable Housing Development Loans Multifamily Washington Western

AAA Management Receives $47.6M Construction Loan for Geo Queen Anne Apartments in Seattle

by Amy Works October 25, 2021

SEATTLE — San Diego-based AAA Management has obtained $47.6 million in financing for the construction of Geo Queen Anne, an apartment development in Seattle’s Queen Anne submarket. Located at 2222 15th Ave. West, the six-story, 148,159-square-foot building will feature 168 apartments, 20 percent of which will be designated as affordable. Community amenities will include a fitness center, package center, rooftop terrace with fireplaces and barbecues, bike storage and 96 parking spaces in an underground structure. Completion is slated for early 2023. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE’s Debt & Structured Finance team in San Diego arranged the loan for the borrower.

October 25, 2021

Loans Multifamily Northmarq Washington Western

NorthMarq Arranges $27.6M Refinancing for Glacier Run Multifamily Property in Puyallup, Washington

by Amy Works October 22, 2021

PUYALLUP, WASH. — NorthMarq has secured a $27.6 million refinancing for Glacier Run Phase II, an apartment community located at 12020 Sunrise Blvd. East in Puyallup. Bob Spiro and Scott Moline of NorthMarq arranged the financing, which features a 10-year term on a 30-year amortization schedule, through its in-house Fannie Mae team. Built in 2021, Phase II includes 144 apartments in a mix of one-, two- and three-bedroom layouts with high-end finishes, stainless steel appliances and in-unit washers/dryers. Community amenities include a heated resort-style pool, fitness center, dog park, three season room and clubhouse.

October 22, 2021

Acquisitions Affordable Housing Loans Multifamily Washington Western

Bellwether Housing Acquires Two Multifamily Communities for Affordable Housing Conversion in Washington

by Amy Works October 20, 2021

KENT AND DES MOINES, WASH. — Bellwether Housing has received $24.8 million financing for the acquisition and rehabilitation of The BLVD and Marina Club Apartments, two garden-style multifamily communities in Kent and Des Moines. Both municipalities are just south of the Seattle-Tacoma International Airport. Bellwether plans to convert the 213 units into affordable housing for households earning 60 to 80 percent of the area median income. JLL Capital Markets and JLL Public Institutions worked with Amazon to secure the $15.5 million and $9.2 million, 20-year, fixed-rate loans for the owner. Through the Amazon Housing Equity Fund, Amazon provided low-rate subordinate financing. Located at 2136 S. 272nd St. in Kent, The BLVD features 136 units in a mix of studio, one- and two-bedroom units, averaging 786 square feet. Marina Club Apartments, located at 2445 S. 222nd St. in Des Moines, offers 77 units in a mix of one-, two- and three-bedroom layouts, ranging from 580 square feet to 1,013 square feet. Units feature dishwashers, garbage disposals, fireplaces, window coverings, in-unit washers/dryers and private patios or balconies. The communities each feature a swimming pool, spa, sundeck, clubhouse, fitness center, playground, business center and covered paring. C.W. Early of JLL Capital Markets Debt …

October 20, 2021

Homewood-Suites-Portland-Airport-Portland-WA

Acquisitions Hospitality Oregon Washington Western

Rockbridge Sells Two-Hotel Portfolio in Pacific Northwest Totaling 209 Rooms

by Amy Works October 15, 2021

PORTLAND, ORE. AND VANCOUVER, WASH. — Rockbridge has completed the disposition of a 209-key, two-hotel portfolio located in Portland and Vancouver. Terms of the transaction were not released. The portfolio consists of the 104-room Homewood Suites Vancouver-Portland in Vancouver and a 105-room Homewood Suites Portland Airport in Portland. Since 2016, the hotels have been undergoing $12.4 million in capital improvements (an average of $59,000 per room). Both properties are unencumbered by management. Melvin Chu and John Strauss of JLL Hotels & Hospitality represented Rockbridge in the deal.

October 15, 2021

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