Washington

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willowcrest, an apartment property in West Seattle. Investco sold the property to Raymond Capital Advisors for $18.8 million, or $251,000 per unit. Built in 1988 on two acres, Willowcrest features 75 units in a mix of one- and two-bedroom apartments averaging approximately 780 square feet. All units have a wood-burning fireplace, full-size washer and dryer, and private patio or balcony. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in deal.

KENT AND EVERETT, WASH. — Rise Properties Trust and Aegon Real Assets have purchased two multifamily assets located in metro Seattle totaling $161.3 million. The joint venture acquired the 366-unit Mosaic Hills Apartments in Kent for $81 million and the 336-unit Colby Creek Apartments in Everett for $80.3 million. These transactions conclude more than $300 million of Seattle-area acquisitions for the joint venture in 2019. Seattle-based Thrive Communities will manage the properties. Including Mosaic Hills Apartments and Colby Creek Apartments, RISE owns approximately 4,000 units across 22 multifamily properties in the Pacific Northwest.

SEATTLE — Vulcan Real Estate has completed the disposition of Augusta Apartments, a multifamily property located at 4041 Roosevelt Way NE in Seattle. A joint venture between Security Properties and STARS REI acquired the asset for $98.1 million. Completed in 2017, the seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. Community amenities include a roof deck and courtyard, community lounges, a guest suite, study area, fitness center, dog grooming room and a sports court. Runberg Architecture Group designed the LEED Platinum-certified property, which Exxel Pacific constructed. Additionally, the asset is located within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which is slated to open in 2021. David Young and Corey Marx of JLL Capital Markets represented the seller, while Charles Halladay and Scott Gilson of JLL Capital Markets arranged acquisition financing for the buyers.

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Orion, an apartment asset located in the South Lake Union neighborhood of Seattle. Vulcan Real Estate sold the property to Belkorp Holdings for an undisclosed price. Completed this year, Orion features 129 apartments and more than 6,000 square feet of street-level retail space. The property is located on the same block as the new Amazon Unicorn building and within blocks of Facebook, Google and Apple. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in the deal.

SEATTLE — Canada-based Rise Properties Trust and Netherlands-based Aegon Real Assets US have acquired Linden Square Apartments in North Seattle for $52.7 million. Brokered by CBRE, this transaction represents the third joint venture between the companies this year. Built in 1993, the multifamily community features 186 residences in a mix of one-, two- and three-bedroom units. Community amenities include a fitness center, pool, garage parking, storage and additional amenity space. Seattle-based Thrive Communities will manage the property. Including Linden Square Apartments, Rise owns approximately 3,200 units across 20 multifamily properties in the Pacific Northwest.

SEATTLE — Hamilton Urban Partners has completed the sale of Roxborough Apartments, a multifamily property located in Seattle’s Capitol Hill neighborhood. An undisclosed buyer acquired the asset for $17.4 million, or just under $681 per net rentable square foot. Located at 1720 E. Denny Way, Roxborough Apartments comprises 27 units built in 1920 and 26 modern units built in 2019. The building provides residents the amenities and luxuries of a new-construction building with the charm and character of Seattle’s historic buildings. Dylan Simon and Jerrid Anderson of Kidder Mathews represented the seller in the deal.

EVERETT AND EDMONDS, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two multifamily properties in metro Seattle. Hacienda Apartments in Everett sold for $5.3 million and North Haven Manor in Edmonds sold for $5.2 million. A private investor sold the assets to Curtis Capital Group. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller in the deal. Additionally, Ray Allen and Seth Heikkila of IPA secured acquisition financing for both acquisitions. Built in 1979, Hacienda Apartments features three buildings and offers a total of 36 apartments. North Haven Manor was built in 1977 and features 32 apartments.