RENTON, WASH. — Elion Partners, a vertically integrated private equity real estate investment firm, has purchased a 114,531-square-foot last-mile industrial property located at 600 SW 10th St. in Renton, approximately 13 miles south of the Port of Seattle. An undisclosed seller sold the asset for $27.7 million. The transaction is part of a series of acquisitions the firm has planned for its last-mile portfolio, which focuses on facilities that enable goods to be moved from a transportation hub to a final delivery destination across key logistics markets, including Seattle, San Francisco and Southern California.
SEATTLE — Bell Partners has purchased Modera Jackson, an apartment community located in Seattle. Acquired on the behalf of the firm’s Fund VII investors, the property will be renamed Bell Jackson Street. Boca Raton, Fla.-based Mill Creek Residential sold the asset for an undisclosed price. Situated in Seattle’s Central District, Bell Jackson Street features 160 apartments in a mix of studio, one- and two-bedroom layouts. Units offer keyless entries, programmable thermostats, stainless steel appliances, quartz countertops and vinyl plank flooring. Select apartments feature direct patio access, Juliet balconies and foyers for added privacy. Community amenities include a rooftop clubhouse with an adjustable deck, media and conference rooms, a fitness center, electric vehicle stalls and bike storage. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction.
TACOMA, WASH. — NorthMarq has arranged a $35 million refinancing for Weatherly Inn, an independent living, assisted living and memory care community in Tacoma. Developed in the mid-1990s, the community is family owned and operated. It features 136 units. Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle office, arranged the Freddie Mac financing with a 10-year term and 30-year amortization.
SEATTLE — MJW Investments has purchased Sunset Park, an apartment community located at 11202 Second Lane SW in Seattle. Terms of the off-market transaction were not released. Approximately 15 minutes from downtown Seattle, the community features 124 one- and two-bedroom apartments, a sauna, swimming pool, clubhouse lounge with kitchen and fireplace, a play area, on-site laundry facilities and a fitness center. David Sorenson of Berkadia assisted the undisclosed seller in the transaction, while Allan Freedman of Berkadia assisted the buyer with acquisition financing. Jared Goetz of Tecton will oversee operations and the renovation of the property for MJW.
SEATTLE — CBRE has arranged the sale of Terry Thomas, a single-tenant office property located in Seattle’s South Lake Union neighborhood. A group of private local investors, including Mike Hess of Hess Callahan Partners and Mark Grey of Stephen Grey & Associates, sold the asset to a newly raised core fund advised by Zurich Alternative Asset Management for $52.2 million. CBRE’s Tom Pehl, Lou Senini, Chais Lowell, Paige Morgan, Charles Safley, Thuy Tran, Brandon McMenomy, Brad Zumpa and Mike Walker represented the seller. Thomas Buffa and Sean Bannon of US Real Estate represented the buyer in the deal. Located at 225 Terry Ave. North, the four-story, 44,445-square-foot building was constructed in 2008. Northeastern University occupies the property, which is LEED Gold certified. The building includes 67 underground parking stalls.
BELLEVUE, WASH. AND BOSTON — Aegis Living, a seniors housing owner and operator based in Bellevue, has acquired 10 properties from Healthpeak Properties Inc. (NYSE: PEAK). Aegis already operated the communities under a lease agreement with Healthpeak Properties, a Denver-based real estate investment trust (REIT). Aegis’ joint venture partner on the $350 million acquisition is Blue Moon Capital Partners LP, a Boston-based private equity investor in the seniors housing sector. The portfolio is located in Washington, California and Nevada, totaling 702 units of assisted living and memory care. The acquired communities include: • Aegis Living Callahan House (Shoreline, Wash.) • Aegis Living Shoreline (Shoreline, Wash.) • Aegis Living Kirkland (Kirkland, Wash.) • Aegis Living Las Vegas (Las Vegas) • Aegis Living Dana Point (Dana Point, Calif.) • Aegis Gardens Fremont (Fremont, Calif.) • Aegis Living Granada Hills (Granada Hills, Calif.) • Aegis Living San Francisco (San Francisco) • Aegis Living Pleasant Hill (Pleasant Hill, Calif.) • Aegis Living Ventura (Ventura, Calif.) The transaction is the largest in Aegis’ history. The acquisition is the next step in the company’s growth strategy, which includes doubling its ownership portfolio by 2030, according to Aegis’ founder and CEO Dwayne Clark. “At a time when …
REDMOND, WASH. — JLL has arranged the sale of 9805 Willows, a single-tenant office property located in Redmond. A joint venture between Graymark Capital and Blue Vista Capital Management sold the asset to Invesco Real Estate for an undisclosed price. Originally built in 1998, the 80,980-square-foot building, which features 14-foot ceilings, is currently undergoing an extensive renovation. Logan Greer, Gerry Rohm, Michael Leggett and Kaden Eichmeier of JLL Capital Markets represented the seller and procured the buyer.
SEATTLE — Taylor Street Capital Partners (TSCP) has secured a total of $5 million in refinancing for two multifamily properties in Seattle. In the first transaction, TSCP arranged a $3.5 million cash-out Freddie Mac refinancing for undisclosed owners of a 23-unit multifamily asset in downtown Seattle. The firm negotiated the loan on the behalf of out-of-state clients looking to withdraw equity for capital improvements and asset appreciation. In the second transaction, TSCP arranged a $1.5 million cash-out Freddie Mac refinancing for the out-of-state owners of a 12-unit multifamily asset in downtown Seattle. The firm negotiated the loan for the owners who are looking to withdraw equity for capital improvements and asset appreciation.
SEATTLE — Amazon has launched its Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Va.; and Nashville, Tenn. — three metro areas where the company has or expects to have at least 5,000 employees each in the coming years. Amazon’s first investments include $381.9 million in below-market loans and grants to the nonprofit organization Washington Housing Conservancy (WHC) to preserve and create up to 1,300 affordable units at the Crystal House multifamily property in Arlington. WHC purchased Crystal House recently using Amazon’s capital. Rents at the property will be significantly lowered to target households earning less than 80 percent of the area median income (AMI). The conversion of existing apartments to affordable units began on Jan. 1 and will continue over the next five years. A 99-year covenant ensures that Crystal House will remain affordable for the long term. Arlington County has lost approximately 14,400 privately owned, affordably priced housing units since 2000, according to the county’s government. In addition, the Seattle-based online retail giant has committed $185.5 million in below-market loans and grants to King County Housing Authority (KCHA) to preserve up …
MILTON, WASH. — Bridge Development Partners has purchased a 117-acre land site in Milton, three miles from the Port of Tacoma, for an undisclosed price. The company plans to develop Bridge Point I-5 Seattle, a four-building, 1.9 million-square-foot industrial park at the site. Bridge Point I-5 will be delivered in two phases: a 1 million-square-foot cross-dock facility to be delivered in first-quarter 2023 and three single-load buildings totaling 921,270 square feet to be delivered in 2024. Of the 117 acres purchased, 89 acres will be used for Bridge Point I-5 Seattle. The four planned industrial buildings will range in size from 119,022 square feet up to 1 million square feet. The facilities will feature 32- to 40-foot clear heights, ESFR sprinklers, LED lighting, 1,218 car parking spaces, and 130- to 185-foot truck courts. Mike Newton of Kidder Mathews represented Bridge, while Bob Naber of NAI Puget Sound Properties represented the undisclosed seller in the transaction. Newton was retained to serve as leasing agent for the project.