REDMOND, WASH. — The Hotel Group (THG) has opened the 177-room Hilton Garden Inn Redmond Town Center in Redmond. THG manages the property on behalf of Kauri Investments and Washington Holdings. This is THG’s sixth Hilton-branded hotel in the Puget Sound area. The six-story property features 9,000 square feet of meeting space and a 24-hour fitness center. A restaurant will open at the hotel at a later date.
BELLEVUE, WASH. — KTGY Architecture + Planning has unveiled the design for The Lofts at 15th, a 22-unit luxury condominium development in Bellevue, a suburb of Seattle. Developed by Toll Brothers, the project is slated for completion next year. The design features four four-story buildings. Residences range in size from 1,462 to 2,258 square feet and prices will start at $1.1 million. Each unit is equipped with its own two-car garage.
KENT, WASH. — Kidder Mathews has arranged the $44.5 million sale of Knol Apartments in Kent, about 20 miles south of Seattle. The sales price represents $207,000 per unit and $302 per net rentable square foot. Formerly known as La Mirage Apartments, the property last traded hands in July 2018. Since then, the owners transformed the community by modernizing the clubhouse, leasing office, outdoor spaces and building interiors and exteriors. Dylan Simon, Jerrid Anderson and Matt Laird of Kidder Mathews brokered the sale. Buyer and seller information was not disclosed.
SPOKANE, WASH. — M&T Realty Capital Corp. has funded a $13.8 million FHA-insured loan to refinance of a 212-unit assisted living property located in Spokane. The asset was originally built in 1940, with additions in the late 1940s and early 1980s, along with renovations in the 2000s. The borrower, a regional owner-operator, acquired the property in 2018. M&T also provided the original bridge loan that is being refinanced, which took into account planned improvements in operations and $500,000 of capital expenditures at the property.
PULLMAN, WASH. — Aspen Heights Partners has broken ground on Aspen Heights Pullman, a 752-bed, cottage-style student housing community for students attending Washington State University. The property will offer a mix of two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities will include a community building, hot tub, fitness center and an on-site shuttle to campus. The development is scheduled for completion in fall 2021.
WOODINVILLE, WASH. — Kidder Mathews has arranged the purchase of Woodinville West, an industrial flex office park in Woodinville, a suburb 20 miles northeast of Seattle. An undisclosed private investor acquired the property from Woodinville West LLC for $28 million. Zach Vall-Spinosa of Kidder Mathews represented the buyer in the deal. Located at 16650, 16750, 16928 and 16932 Woodinville Redmond Road NE, the asset comprises four concrete and steel-framed buildings ranging in size from 21,345 square feet to 69,997 square feet. In total, the industrial flex office park offers 172,449 square feet of space.
SEATTLE — Amazon (NASDAQ: AMZN) plans to create 3,500 new tech and corporate jobs across six cities with the expansion of its Tech Hubs in Dallas, Detroit, Denver, New York, Phoenix and San Diego. The Seattle-based e-commerce company will invest more than $1.4 billion in the new offices, which will host teams supporting businesses across the company. The Tech Hub and corporate office expansions include: Adding more than 100,000 square feet of space and 600 tech and corporate roles at the company’s existing Dallas Tech Hub in North Dallas. The acquisition of more than 25,000 square feet of office space in Detroit and the addition of 100 jobs. An expansion of 20,000 square feet of office space and 100 jobs at the Denver Tech Hub. The opening of a 630,000-square-foot office, creating 2,000 new jobs, in New York City at the former Lord & Taylor Fifth Avenue building. A 90,000-square-foot expansion at the Phoenix Tech Hub allowing for more than 500 new jobs. The addition of more than 40,000 square feet of office space at the San Diego Tech Hub for the creation of 200 new jobs. Teams in these cities will support various businesses across Amazon, including AWS, Alexa, …
OLYMPIA, WASH. — San Francisco-based Glencrest Group has purchased Briggs Village Apartments, a multifamily community located at 4225 Briggs Drive SE in Olympia. Andrew Behrens of CBRE Capital Markets’ Debt & Structured Finance arranged a $12.8 million Freddie Mac acquisition loan for the buyer. The 10-year loan features interest-only payments and a fixed-interest rate. Jay Timpani, Mitchell Belcher and Steven Chattin of CBRE represented the seller, Briggs Apartments LLC, in the transaction. Built in 2019, Briggs Village Apartments features six buildings offering a total of 72 one-, two- and three-bedroom apartments with high ceilings, modern appliances and balconies or patios. Community amenities include covered parking, a playground, park and basketball court. The property is part of a 137-acre master-planned community two miles from downtown Olympia.
RENTON, WASH. — Denver-based EverWest Real Estate Partners has completed the $29.5 million acquisition and partial sale-leaseback of an industrial building located at 851 SW 34th St. in Renton, about 14 miles south of downtown Seattle. Alliance Packaging sold the property and executed a leaseback for a portion of the asset. Totaling 164,332 square feet, the property features 26-foot clear heights, dock-high and grade-level doors in a cross-dock configuration and 5,000 amps of heavy power. Alliance Packaging will continue to occupy 82,019 square feet of the property under a long-term lease agreement. The remaining 82,313 square feet, including 13,440 square feet of office space, is available for immediate lease. Ryan Madson provided in-house representation for EverWest, while Arie Salomon and Jeff Forsberg of NAI Puget Sound Properties represented Alliance Packaging in the transaction.
VANCOUVER, WASH. — Rise Properties (Westwynd) LP, a Seattle-based REIT, has purchased Westwynd Apartment Homes, a multifamily property located in Vancouver. Christensen Properties I, based in Vancouver, sold the asset for $18.3 million. Located at 10117 NE Ninth Ave., Westwynd Apartments features 120 units spread across seven residential buildings, a clubhouse, pool and office, as well as a 20-car garage building. At the time of sale, the property was 98.6 percent occupied. David Chatfield and Timothy Mitchell of Portland, Ore.-based Norris & Stevens represented both parties in the deal. The purchase is Rise Properties’ first acquisition in the Portland/Vancouver area.
