Washington

Main Street Flats in Bellevue Trades Hands for $232.5M

by Amy Works July 20, 2021

BELLEVUE, WASH. — Hines and a subsidiary of funds managed by Oaktree Capital have purchased Main Street Flats, a multifamily complex located at 1050 Main St. in Bellevue. According to the King County records, the property traded hands for $23.2.5 million. The name of the seller was not released. Developed by Alamo Manhattan in 2015, Main Street Flats features 425 apartments in a mix of studio, one- and two-bedroom layouts, a rooftop terrace, fitness center, resident lounge and 12,000 square feet of ground-floor retail space. The acquisition follows Hines’ recently announced Main Street Place, a 6.75-acre mixed-use development in downtown Bellevue. The project is slated to open in 2023.

July 20, 2021

Acquisitions Industrial Retail Self-Storage Washington Western

Marcus & Millichap Arranges $10.7M Sale of Self-Storage Facility, Retail Building in Kent, Washington

by Amy Works July 14, 2021

KENT, WASH. — Marcus & Millichap has brokered the sale of Glacier West Self Storage and Napa Auto Parts Store, located at 1415 and 1407 Central Ave. S in Kent. The transaction includes a 45,400-square-foot self-storage facility and a 6,000-square-foot NAPA Auto Parts Store. A limited liability company sold the asset to an undisclosed buyer for $10.7 million. Built in 2001 on three acres, the 10-building self-storage facility features 134 climate-controlled units and 183 drive-up units without climate control. Christopher Secreto of Marcus & Millchap’s Seattle office represented the seller in the transaction.

July 14, 2021

Loans Multifamily Washington Western

Ready Capital Closes $14.5M Loan for Multifamily Property in West Seattle

by Amy Works July 14, 2021

SEATTLE, WASH. — Ready Capital has closed $14.5 million in financing for the acquisition, renovation and stabilization of an apartment community located in the West Seattle submarket of Seattle. Upon purchase, the undisclosed sponsor will implement a capital improvement plan to renovate unit interiors, upgrade property exteriors and refine curb appeal at the 75-unit, Class B property. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

July 14, 2021

Development Multifamily Seniors Housing Washington Western

Alliance Residential Starts Construction of 136-Unit Seniors Housing Project in Bellevue, Washington

by Amy Works July 13, 2021

BELLEVUE, WASH. — Alliance Residential has started construction of Holden of Bellevue, the first piece of a three-phase multifamily project in downtown Bellevue. Holden will rise seven stories and feature 110 assisted living units and 26 memory care units. It is scheduled to open in late fall 2021. The second phase of the overall project will be an independent living building, followed by standard multifamily in the third phase. Its location is in close proximity to the city’s restaurants, boutiques, art galleries, public parks and museums. Milestone Retirement Communities will operate Holden of Bellevue upon opening.

July 13, 2021

Acquisitions Net Lease Retail Washington Western

Marcus & Millichap Brokers $7.9M Purchase of Jiffy Lube Net-Leased Portfolio in Washington

by Amy Works July 13, 2021

TUKWILA, PUYALLUP AND PORT TOWNSEND, WASH. — The Leibsohn Group of Marcus & Millichap has arranged the acquisition of a three-property retail portfolio in Tukwila, Puyallup and Port Townsend. A private, Pacific Northwest-based investor acquired the portfolio from an undisclosed seller for $7.9 million. Jiffy Lube occupies each of the properties on long-term, net-lease basis. Brian Leisbsohn and Raymond Vara of The Leibsohn Group of Marcus & Millichap’s Seattle office procured and represented the buyer in the deal.

July 13, 2021

Industrial Loans Oregon Self-Storage Washington Western

Talonvest Negotiates $16M Loan for Two Self-Storage Facilities in Oregon, Washington

by Amy Works July 8, 2021

PORTLAND, ORE., AND VANCOUVER, WASH. — Talonvest Capital has arranged a $16 million loan for Get Space. The life insurance company-backed, 10-year loan is secured by two self-storage facilities in Portland and Vancouver. The loan provided the borrower permanent financing prior to economic stabilization at the properties. The properties offer a total of 122,000 rentable square feet and 1,257 storage units in a mix of climate-controlled and non-climate-controlled units. The Vancouver property was built in 2018, while the Portland location was expanded and renovated in 2018. Erich Pryor, David DiRienzo, Jim Davies and Tom Sherlock of Talonvest Capital handled the financing.

July 8, 2021

Acquisitions Multifamily Washington Western

Trion Properties Buys The Russell Apartments in Portland for $19.7M

by Amy Works July 7, 2021

PORTLAND, ORE. — Trion Properties has acquired The Russell Apartments, a multifamily property located at 2621 NE Seventh Ave. in Portland. An undisclosed seller sold the asset for $19.7 million. The six-story property features 68 apartments in 25 different floorplans with patio decks, modern finishes and full-size in-unit washers/dryers. Community amenities include a roof terrace with barbecues and a fire pit, fitness center, club lounge, pet washroom and secured bike storage. Rob Marton and Tyler Johnson of HFO Real represented Trion in the transaction. Continental Partners arranged the financing through Andrew Kwok of Capital One.

July 7, 2021

Development Loans Multifamily Seniors Housing Washington Western

BMO Harris Funds $19.4M Loan for Seniors Housing Renovation Project in Redmond, Washington

by Amy Works July 6, 2021

REDMOND, WASH. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $19.4 million construction loan for the renovation of a Sunrise Senior Living assisted living and memory care community in Redmond. Originally built in 1999, the asset features 110 units. Further details on the project were not disclosed.

July 6, 2021

Acquisitions Multifamily Washington Western

Glencrest Group Purchases Salish Flats Multifamily Property in Airway Heights, Washington for $45M

by Amy Works July 2, 2021

AIRWAY HEIGHTS, WASH. — Glencreast Group has acquired Salish Flats, an apartment community in Airway Heights, approximately seven miles from downtown Spokane. TWG Development sold the asset for $45 million. Built in 2020, Salish Flats consists of six residential buildings offering a total of 216 garden-style apartments in a mix of one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center, basketball court, sand volleyball court, resort-style swimming pool and sundeck, barbecue and grilling area, resident lounge and media room. Salish Flats is on a long-term ground lease with the Kalsipel Tribe of Indians. This ownership structure facilitated the first Freddie Mac loan on Native American land. Andrew Behrens and Jesse Weber of CBRE Capital Markets’ Debt & Structured Finance team provided debt and advisory services and secured a $31 million, 10-year, interest-only, fixed-rate loan for the buyer. Josh McDonald, Phil Oester and Joe Nydahl of CBRE represented the seller and buyer in the deal.

July 2, 2021

Acquisitions Office Washington Western

Newmark Arranges $62M Sale of Office Campus in Bellevue’s 520 Corridor

by Amy Works July 1, 2021

BELLEVUE, WASH. — Newmark has brokered the sale of Corporate Campus East, a multi-tenant office campus located in Bellevue’s 520 Corridor. An liability limited company associated with Kennedy Wilson sold the asset to Lake Washington Partners for $62 million. Kevin Shannon, Rob Hannan, Ken White, Michael Moll and Nick Kucha of Newmark represented the seller in the deal. Located at 3025, 3055 and 3075 112th Ave. NE, the three-building campus offers a total of 136,592 square feet of office space. At the time of sale, the property was 93 percent leased to a variety of tenants with Microsoft as an anchor. The property recently underwent a $3 million capital repositioning, which included lobby remodels, bathroom renovations, exterior paint and the addition of an outdoor patio and seating. Additional property features include premier signage, flexible floorplates, ample parking and regional access.

July 1, 2021

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