Washington

High Street Residential Breaks Ground on Corner 63 Multifamily Project in Seattle

by Amy Works August 16, 2021

SEATTLE — High Street Residential, the residential subsidiary of Trammell Crow Co., has broken ground on Corner 63, an apartment community located at 6300 Ninth Ave. in Seattle. The project is the company’s first residential development in the city and is being built in a joint venture with a MetLife Investment Management client. Slated for completion in spring 2023, Corner 63 will feature 139 apartments, co-working space, a fitness center, club room, bike repair facility, pet spa and secure subterranean parking. Outdoor amenities will include a ground-floor courtyard connected to the lobby and club room, a dog walk and an expansive rooftop deck with barbecue grills and a firepit. B+H Architects is designing the project and Chinn Construction is serving as general contractor. Avenue5 will serve as property manager.

August 16, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Brokers $23.8M Sale of Ashley Terrace Apartments in Vancouver, Washington

by Amy Works August 16, 2021

VANCOUVER, WASH. — Marcus & Millichap has arranged the sale of Ashley Terrace, a multifamily property located at 4500 Nicholson Road in Vancouver. Next Wave Investors LLC acquired the asset from an undisclosed seller for $23.8 million. Built in 1993, Ashley Terrace features 118 apartments in a mix of one-, two- and three-bedroom layouts, a clubhouse, fitness center, pool and tennis court. Next Wave plans to implement a renovation program including new appliances, lighting, plumbing, solid-surface flooring in most rooms, new carpet in bedrooms and upgraded kitchens, as well as repairs and maintenance to the exterior and common areas. Khari Gates and Georgie Christensen-Riley of Marcus & Millichap represented the buyer. Marcus & Millichap also represented the seller in the deal.

August 16, 2021

Acquisitions Washington Western

Rubicon Point Partners Acquires Masin Block in Downtown Seattle for $24.1M

by Kristin Harlow August 12, 2021

SEATTLE — Rubicon Point Partners has acquired Masin Block, a string of four interconnected buildings in downtown Seattle’s historic Pioneer Square submarket, for $24.1 million. The current buildings total approximately 89,000 square feet and were built between 1899 and 1905. The purchase was made through Rubicon First Ascent LP, a fund with $232 million of assets and the ability to acquire up to $770 million of property investment. The seller was Alexandria Real Estate. The project is equidistant from King Street Station and Pioneer Square Station, which provides commuter service to Tacoma and Amtrack Access to Portland and Vancouver. Masin Block encompasses the Stadium District, which is home to the Seattle Mariners, Seattle Sounders and Seattle Seahawks, creating opportunities for retail tenants. The location benefits from Seattle’s $722 million waterfront project, which rerouted the former viaduct to a tunnel allowing for the creation of a series of parks that will activate the waterfront area further. The developer plans an innovative transformation of Masin Block, but provided no additional details.

August 12, 2021

Loans Mixed-Use Washington Western

Gantry Arranges $32.5M Loan for Refinancing of Off-Campus Student Housing Mixed-Use Development near Seattle

by Madison Pettway August 9, 2021

LYNWOOD, WASH. — Commercial mortgage banking firm Gantry has arranged a $32.5 million loan to refinance a newly completed, privately built student housing community adjacent to Edmonds College in Lynwood, located about 17 miles north of Seattle. Triton Court offers 104 units with 220 total beds, including more than 13,000 square feet of retail space and more than 15,000 square feet of office space. The property is the result of a quasi-public/private partnership, wherein a private developer built and owns the complex managed by the Housing and Residence Life Office of Edmonds College. Gantry’s Mike Wood and Alex Saunders worked with the borrower, a privately held limited liability company, to structure the funding. The loan was placed with a debt fund and carries a competitive, fixed interest rate with payments on an interest-only basis for the 10-year loan term. Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm

August 9, 2021

Industrial Market Reports Washington Western Western Market Reports

Puget Sound’s Industrial Leasing Activity is Explosive in 2021

by Jeff Shaw August 9, 2021

By Brian Cagayat, Research Analyst, Cushman & Wakefield Washington officially reopened at the end of the second quarter of 2021, lifting most of the COVID-19 restrictions that had been in place for more than a year and bringing a mixture of relief and uncertainty to residents and businesses. Workers in the industrial sector were mostly considered essential, so many continued to work onsite through the pandemic. The industrial sector was also instrumental in helping aid and support everyone through the pandemic conditions, with some of those leading industrial users based here in the Puget Sound. New leasing activity in the Puget Sound region has been explosive in 2021, totaling 14.1 million square feet in the first half of the year. This has nearly equaled the 15 million square feet of annual activity tracked in all of 2020. Net occupancy growth still remains a bit in the red through the first half of 2021 with a negative 423,000 square feet of absorption. However, we expect a considerable portion (of over 10 percent) of the 29.1 million square feet of leasing activity signed since 2020 to translate into net growth in future quarters once those companies officially take occupancy. Ecommerce and 3PL firms have been …

August 9, 2021

Acquisitions Multifamily Washington Western

Berkadia Negotiates $11.1M Sale of Evergreen Park Multifamily Community in Olympia, Washington

by Amy Works August 5, 2021

OLYMPIA, WASH. — Berkadia has arranged the sale of Evergreen Park, a garden-style apartment property located at 2121 Evergreen Park Drive SW in Olympia. The community traded for $11.1 million, or $150,000 per unit. The names of the buyer and seller were not released. Built in 1979, Evergreen Park features 74 one- and two-bedroom apartments. The property has been partially renovated and was 99 percent occupied at the time of sale. Chad Blenz, Mitchell Belcher, Steven Chattin and Jay Timpani of Berkadia Seattle represented the seller in the transaction.

August 5, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates $9.8M Sale of Garden Court West Multifamily Complex in University Place, Washington

by Amy Works August 4, 2021

UNIVERSITY PLACE, WASH. — Marcus & Millichap has arranged the sale of Garden Court West, a multifamily property located at 7654 40th St. W. in University Place. A limited liability company sold the community to a local limited liability company for $9.8 million. Constructed in 1972, Garden Court West features 64 apartments in a mix of 20 one-bedroom, 42 two-bedroom and two three-bedroom units. Community amenities include free parking, laundry facilities, a clubhouse, pool and courtyard. Timothy Ufkes of the Ufkes Group in Marcus & Millichap’s Seattle office represented the seller in the deal.

August 4, 2021

Loans Multifamily Top Stories Washington Western

Cushman & Wakefield Arranges $113M Construction Loan for Skyglass Tower Multifamily Project in Seattle

by Taylor Williams August 2, 2021

SEATTLE — Cushman & Wakefield has arranged a $113 million construction loan for Skyglass Tower, a 29-story multifamily project located at 222 Dexter Ave. N. in Seattle’s South Lake Union submarket. The total project cost is $196 million, according to the borrower and developer, Gemdale USA Corp. The location puts the building within close proximity of several of Seattle’s largest employers, including tech giants Amazon, Google and Facebook. South Lake Union is also located in the heart of the city’s life sciences hub, according to Cushman & Wakefield. Skyglass Tower will consist of 338 apartments in various floor plans, 2,260 square feet of ground-floor retail space and 128 underground parking spaces. The building will also feature an expansive amenity package and unobstructed water views. Hewitt Architects is designing the project, with completion slated for October 2023. Insurance giant AIG provided the loan to Gemdale, a national development firm based in the Los Angeles area. Dave Karson, Chris Moyer and Keith Padien of Cushman & Wakefield arranged the debt. “Seattle is benefiting greatly from regional job creation, and South Lake Union is still a prime location for new developments,” says Karson. “Strong developers like Gemdale are getting great attention from debt …

August 2, 2021

Acquisitions California Colorado Industrial Self-Storage Washington Western

CBRE Global Investors Buys Four Self-Storage Facilities in Colorado, California, Washington Totaling 3,746 Units

by Amy Works July 30, 2021

BOULDER, COLO.; VISTA, CALIF.; AND BOTHELL AND LAKE STEVENS, WASH. — A fund sponsored by CBRE Global Investors has purchased four self-storage properties totaling 3,746 units and 296,286 square feet. Terms of the transaction were not released. The acquired assets, which were all delivered in 2020, are: The 69,115-square-foot StorQuest Boulder, located at 4790 Pearl St. in Boulder, featuring 772 climate-controlled units. The 74,416-square-foot StorQuest Vista, located at 943 S. Melrose Drive in Vista, with 899 climate-controlled units. The 74,805-square-foot StorQuest Bothell, located at 21008 Bothell Everett Highway in Bothell, offering 1,155 climate-controlled units. The 77,950-square-foot StorQuest Lake Stevens, located at 1113 WA-204 in Lake Stevens, with 920 climate-controlled units. With these acquisitions, the fund now owns 19 self-storage assets, totaling 13,650 units, across the United States.

July 30, 2021

Development Office Washington Western

PGIM, Capstone Partners Purchase Office Development Site in Bellevue for $32.5M

by Amy Works July 29, 2021

BELLEVUE, WASH. — PGIM and Capstone Partners have acquired ParqHouse Bellevue, a 34,335-square-foot development site located at 305 108th Ave. NE in Bellevue. Fana Group sold the asset for $32.5 million. ParqHouse Bellevue is situated adjacent to major parks, restaurants and amenities in downtown Bellevue. Originally slated for a residential development, the new owners plan to build on office project at the site instead of the proposed residential units. The original proposal included 274 residential units, 6,600 square feet of retail space and 337 parking stalls. Kevin Shannon, Ken White and Tim O’Keefe of Newmark represented the seller in the deal.

July 29, 2021

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