Washington

TWG Plans $50M Grata at Totem Lake Multifamily Community in Kirkland, Washington

by Amy Works March 4, 2022

KIRKLAND, WASH. — TWG has acquired a parcel at 12410 NE Totem Lake Way for the development of Grata at Totem Lake, an apartment property in Kirkland. Groundbreaking and construction are slated to start in the coming months, with completion scheduled for early 2024. The $50 million, seven-story project will feature 125 units ranging from studios to four-bedroom apartments. The development will reserve 88 apartments for residents earning up to 50 percent of the county’s area median income (AMI) and 37 apartments for those earning up to 60 percent AMI. The pet-friendly community will feature maximized ventilation systems, onsite parking, bicycle facilities and shared laundry facilities. Additionally, the property is within close proximity to a playground and a shopping center with a movie theater, Whole Foods Market, Trader Joe’s, eateries, a gym and high-capacity transit. The development will also be energy efficient with solar arrays on the building’s roofs, electric vehicle battery charging stations, specialized envelope systems to preserve energy use and green-rated appliances in units. The development is supported by the Evergreen Impact Housing Fund – housed at Seattle Foundation – which received a $50 million investment from Microsoft last year.

March 4, 2022

Acquisitions Idaho Multifamily New Mexico Washington Western

Kennedy Wilson Buys Three Multifamily Properties in Idaho, Washington, New Mexico for $264M

by Amy Works March 2, 2022

MERIDIAN, IDAHO, SHORELINE, WASH., AND ALBUQUERQUE, N.M. — Kennedy Wilson has acquired more than 905 apartment units across three separate transactions in Idaho, Washington and New Mexico. The transactions totaled $264 million, excluding closing costs. The names of the sellers were not released. The communities are the 180-unit Central Park Commons in Meridian, the 221-unit Paceline in Shoreline and the 504-unit AYA ABQ in Albuquerque. Kennedy Wilson has approximately 50 percent ownership in these acquisitions, which were completed within the company’s co-investment portfolio. Kennedy Wilson and its partners invested $149 million of total equity, and the properties are expected to add approximately $11 million of initial annual net operating income, including $6 million to Kennedy Wilson. Kennedy Wilson expects to implement value-add asset management plans at the three properties, which will include renovating unit interiors, refreshing common areas and enhancing amenities.

March 2, 2022

Acquisitions Healthcare Washington Western

Matthews Real Estate Brokers $8.2M Sale of DaVita-Occupied Healthcare Property in Lacey, Washington

by Amy Works February 25, 2022

LACEY, WASH. — Matthews Real Estate Investment Services has arranged the sale of a healthcare building located at 5180 Yelm Highway in Lacey. An undisclosed seller sold the property to an undisclosed buyer for $8.2 million. DaVita occupies the property. Melanie Selleck and Devon Dykstra of Matthews Real Estate Investment Services represented the seller, while Lee & Associates represented the buyer in the deal.

February 25, 2022

Acquisitions Office Top Stories Washington Western

Deka Immobilien Acquires Google-Anchored Office Complex in Seattle’s South Lake Union for $802M

by Katie Sloan February 24, 2022

SEATTLE — German investment firm Deka Immobilien has acquired Lakefront Blocks, a 635,000-square-foot office complex in Seattle’s South Lake Union neighborhood, for $802 million. Tech giant Google is the anchor tenant. Completed in 2019 and designed by Graphite Design Group, the development spans two city blocks — Block 31 and Block 25 — offering four six-story office buildings. The property also includes two apartment towers, Helm and Mera, which were not included in the transaction. The office buildings on Block 31 are separated by a sky bridge and include retail space leased to Tapster, a self-serve beer and wine tasting bar, and 203 Degrees Fahrenheit coffeehouse. The buildings on Block 25 are separated by a public alley. Kevin Shannon, Alex Foshay, Nick Kucha, Ken White, Rob Hannan, Jesse Ottele and Michael Moll of Newmark brokered the transaction on behalf of the seller, Seattle-based Vulcan Real Estate. Kevin Smith, Gerry Casimir, Bill Burke, Nikki Lam and Tom Weber of Cushman & Wakefield advised the buyer in the transaction and will assist with ongoing management of the campus. “This project, in my opinion, was the best core office offering on the West Coast in 2021,” says Shannon. “The combination of credit, asset quality, ESG [environmental, social …

February 24, 2022

Acquisitions Industrial Washington Western

Kidder Mathews Brokers $33.5M Sale of Two Buildings at Woodinville West Business Park in Washington

by Amy Works February 16, 2022

WOODINVILLE, WASH. — Kidder Mathews has arranged the sale of Buildings C and D of Woodinville West Business Park, located at 16650 and 16750 Woodinville Redmond Road NE in Woodinville. A private investor acquired the assets from Woodinville West CD for $33.5 million. Buildings C and D are high-quality, concrete and steel-framed buildings totaling 122,750 square feet of industrial space. Zach Vall-Spinosa of Kidder Mathews represented the seller in the deal.

February 16, 2022

Development Loans Office Washington Western

Urban Visions Receives $90M in Construction Financing for Office Development in Seattle

by Amy Works February 14, 2022

SEATTLE — Urban Visions has obtained $90 million in construction financing for The Jack, an office development under construction at 74 S. Jackson St. in Seattle’s Pioneer Square. Slated for delivery in first-quarter 2023, The Jack will offer 146,000 square feet of office space in 20,000-square-foot flexible floorplates. The property will also feature 42 below-grade parking spots, onsite secure bike storage and a 17,000-square-foot outdoor terrace/roof deck. Olson Kundig designed the eight-story brick and glass building. Bruce Ganong, Kaden Eichmeier and Christopher DuCharme of JLL secured the construction financing, which an affiliate of Mack Real Estate Credit Strategies provided.

February 14, 2022

Acquisitions Multifamily Washington Western

Castle Lanterra Properties Divests of 108-Unit Lumen Apartment Complex in Everett, Washington

by Amy Works February 14, 2022

EVERETT, WASH. — New York-based Castle Lanterra Properties has completed the disposition of Lumen, a multifamily community in Everett. An undisclosed private investor acquired the asset for $36.7 million. Castle Lanterra originally purchased the property in 2018 for $22.6 million. The 108-unit property features fully equipped kitchens, upgraded cabinets/countertops, state-of-the-art appliances, washer/dryer connections and walk-in closets. Community amenities include a large rooftop deck, barbecue area, clubhouse, garage with ample parking and ground-floor retail space, which a Mexican restaurant currently occupies. Castle Lanterra completed interior renovations and unit upgrades, as well as an overhaul of the amenity space, which included adding a community room, expanding the fitness center and improving the rooftop deck.

February 14, 2022

Loans Multifamily Washington Western

Ready Capital Closes $7.3M in Financing for Multifamily Property in Spokane Valley, Washington

by Amy Works February 14, 2022

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.

February 14, 2022

Acquisitions Multifamily Washington Western

SB Real Estate Partners Buys Apartments Community in Vancouver, Washington for $75M

by Amy Works February 11, 2022

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.

February 11, 2022

Acquisitions Net Lease Nevada Retail Washington Western

Faris Lee Arranges Sales of Two Grocery Stores in Nevada, Washington for $22.4M

by Amy Works February 9, 2022

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.

February 9, 2022

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