Washington

Joint Venture Buys 198-Unit Bryson Square Apartments Near Seattle for $43.2M

by Amy Works June 17, 2019

KENT, WASH. — A joint venture between RISE Properties Trust and Aegon Real Assets US has acquired Bryson Square Apartments, a multifamily property located at 24006 108th Place SE in Kent, for $43.2 million. Built in 1988, the property features 198 apartments and is situated approximately two miles from Kent Station, an open-air lifestyle destination that features a Sounder commuter train station, 14-screen AMC theater and more than 15 restaurants and 30 retailers and servicers. Seattle-based Thrive Communities will manage the property. Berkadia brokered the transaction, which is the first joint venture between the companies. Including Bryson Square, RISE owns approximately 2,700 units across 15 multifamily properties in the Pacific Northwest.

June 17, 2019

Acquisitions Retail Washington Western

Marcus & Millichap Arranges $1.9M Sale of Starbucks Shopping Strip in Richland, Washington

by Amy Works June 17, 2019

RICHLAND, WASH. — Marcus & Millichap has brokered the sale of Starbucks Shopping Strip, a retail asset located in Richland. A developer sold the property to an undisclosed buyer for $1.9 million. Located at 698 Gage Blvd., the property features 7,038 square feet of retail space. Brendan Powell of Marcus & Millichap’s Portland, Ore., office, along with Joe Deis of Marcus & Millichap, represented the seller in the deal.

June 17, 2019

Acquisitions Mixed-Use Multifamily Retail Washington Western

Security Properties, Rockwood Capital Buy Legacy at Pratt Park Mixed-Use Property in Seattle

by Amy Works June 10, 2019

SEATTLE — Security Properties and Rockwood Capital have acquired Legacy at Pratt Park, a mixed-used property located 1800 S. Jackson St. in Seattle’s Central District, for an undisclosed price. Built in 2009, Legacy at Pratt Park features 249 apartments, as well as four retail spaces totaling 6,720 square feet. The property offers 360-degree views of the Seattle skyline, Elliott Bay, Mt. Rainier and the Olympic Mountains. Amenities include three rooftop decks, a fitness center, resident lounge, business center, pet wash room, package room, theater room, bike room and controlled building entry. The buyers plan to renovate all units to an interior spec consistent with that of new construction in the area, along with common area improvements. Security Properties Residential, an affiliate of Security Properties, will manage the asset.

June 10, 2019

Development Loans Office Top Stories Washington Western

Capstone Partners Receives $154.7M Construction Financing for Office Building in Metro Seattle

by Amy Works June 7, 2019

REDMOND, WASH. — Capstone Partners has received $154.7 million in construction financing for One Esterra Park, a transit-oriented office development in Redmond, approximately 15 miles east of Seattle. The investment banking firm plans to break ground sometime this month. The Class A project is the next phase of the 3 million-square-foot Esterra Park live-work-play master-planned community. One Esterra Park will rise six stories and total 245,000 square feet. Being built to LEED Silver standards, the property will feature average floor plates of 40,000 square feet, robust amounts of power and mechanical infrastructure and collaborative common areas. The 2.2-acre site is immediately adjacent to Microsoft’s world headquarters and near many of the area’s large and expanding economic drivers such as Facebook, Amazon and Google. Additionally, the project is adjacent to the future Overlake Village Transit Station and the future State Route 520 off-ramp, providing connectivity to major area thoroughfares, including Interstates 405 and 90. Capstone expects One Esterra Park to be ready for occupancy in late 2020. Ben Bullock, Charles Halladay, Bruce Ganong, Zach Goodwin, Michael Leggett and Tom Wilson of HFF arranged the debt and equity for the project. US Bank provided the construction loan while a private equity investor …

June 7, 2019

Acquisitions Multifamily Washington Western

Joint Venture Acquires 344-Unit Waterford at the Lakes Apartments in Metro Seattle for $83.2M

by Amy Works June 6, 2019

KENT, WASH. — A joint venture between RISE Properties Trust and Tokyu Land US Corp. has acquired Waterford at the Lakes Apartments, a multifamily property located in Kent. An undisclosed seller sold the community for $83.2 million. CBRE brokered the transaction. Situated on 16.8 acres at 23605 62nd Ave. South, Waterford at the Lakes Apartments features 344 units, an on-site daycare, racquetball court, two pools, a sport court and residential lounge. Seattle-based Thrive Communities will manage the property. The apartment community is located within the Lakes at Kent, a neighborhood of 19 rental and for-sale communities with man-made lakes and landscaping.

June 6, 2019

Development Idaho Multifamily Seniors Housing Washington Western

Wolff Opens New Revel Seniors Housing Communities in Washington, Idaho

by Amy Works June 6, 2019

SPOKANE VALLEY, WASH., AND EAGLE, IDAHO — The Wolff Company, an Arizona-based private equity firm and multifamily developer, has completed construction or Revel Spokane in Spokane Valley and Revel Eagle in Eagle. Both communities offer independent living apartments and are part of Wolff’s $300 million to $400 million annual seniors housing development plans. Located alongside the Spokane River, Revel Spokane features 132 units in one- and two-bedroom layouts. The community welcomed its first residents in March 2019. Located alongside the Boise River, Revel Eagle features 146 units in studio, one- and two-bedroom layouts. The community welcomed its first residents in April 2019.

June 6, 2019

Development Multifamily Washington Western

Wood Partners Breaks Ground on 243-Unit Alta Columbia City Multifamily Project in Seattle

by Amy Works June 4, 2019

SEATTLE — Wood Partners has broken ground on Alta Columbia City, a multifamily development in Seattle’s historic Columbia City neighborhood. Slated to open in summer 2021, Alta Columbia City will feature 243 studio, one- and two-bedroom apartments, along with 27,000 square feet of retail and commercial space. On-site amenities will include a private lounge, entertainment area, gourmet kitchen, fitness center, co-working space, outdoor courtyard, heated greenhouse, rooftop deck and dog run. Once completed, the property will be Wood Partners’ third multifamily community in the Seattle area.

June 4, 2019

Development Hospitality Washington Western

The Hotel Group Opens Home2 Suites by Hilton Yakima Airport in Washington

by Amy Works June 3, 2019

YAKIMA, WASH. — The Hotel Group (THG), a hotel management and investment company, has opened Home2 Suites by Hilton Yakima Airport, a four-story hotel located at 2420 W. Nob Hill Blvd. in Yakima. Constructed by Yakima-based Hogback Development, the 107-room property features a mix of studio and one-bedroom suites with en suite kitchens. Additionally, the hotel features free breakfast and laundry facilities. With the opening of Home2 Suites by Hilton Yakima Airport, THG now represents seven out of the 17 Hilton brands.

June 3, 2019

Development Office Washington Western

Hudson Pacific to Develop Full-Block Office Tower at Washington State Convention Center in Seattle

by Amy Works May 30, 2019

SEATTLE — Hudson Pacific Properties has purchased the condominium rights to build a fully entitled office development for $86 million before credits, prorations and closing costs. The property will be adjacent to the Washington State Convention Center (WSCC) Addition in Seattle. The 538,000-square-foot office tower will be located at the intersection of Boren Avenue and Olive Way in Seattle’s Denny Triangle neighborhood. The 1.2-acre, full-block site is fully entitled for a 16-story office tower. The WSCC Addition’s development team, including Pine Street Group as pre-development manager and LMN as architect, has already performed extensive predevelopment and design work. Targeting LEED Gold certification, the tower will feature 526,000 square feet of office space and 12,000 square feet of retail space. Amenities will include more than 10,000 square feet of outdoor space, bike storage, showers and lockers, as well as direct access to the WSCC Addition’s pedestrian-level retail experience. Additionally, the site offers transportation access to Interstate 5, Sound Transit’s Link Light Rail, the Seattle Streetcar network and regional bus service. Hudson Pacific estimates total development costs, including the purchase price, in the range of $300 million to $350 million. Construction is slated to begin as early as mid-2021 with delivery for …

May 30, 2019

Acquisitions Multifamily Washington Western

Pathfinder Partners Acquires 132-Unit Creekside Village Apartments in Washington for $29M

by Amy Works May 28, 2019

VANCOUVER, WASH. — San Diego-based Pathfinder Partners has purchased Creekside Village Apartments, a 132-unit multifamily property located in Vancouver. An affiliate of ConAm Group sold the asset for $29 million. Situated on 12 acres at 3100 Falk Road, Creekside Village consists of 15 two-story residential townhome buildings, four three-story residential buildings and a one-story building that houses the clubhouse, leasing office and fitness center. Constructed in 1992, the property features 48 two-bedroom/two-bath units, 12 two-bedroom/two-and-one-half bath townhome units and 72 three-bedroom/two-and-one-half bath townhome units averaging 1,293 square feet. The property also features covered parking, hot tub, swimming pool, direct access garages in 84 townhomes units and a children’s playground. Pathfinder Partners plans various upgrades and improvements for the asset. Brian Eisendraft and Cameron Chalfant of CBRE Capital Markets arranged financing for the acquisition.

May 28, 2019

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