TUKWILA, WASH. — Kidder Mathews’ Simon | Anderson Multifamily team represented the undisclosed seller in the disposition of Riverton View Apartments in Tukwila. An undisclosed buyer acquired the asset for $3.3 million, or $139,167 per unit. Located at 3455 S. 144th St., Riverton View Apartments offers 24 residences. The value-add property was built in 1963. Dylan Simon and JD Fuller of Kidder Mathews’ Simon | Anderson Multifamily handled the transaction.
EVERETT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sunrise Lane, a multifamily property in Everett. Weidner Apartment Homes sold the asset to an undisclosed buyer for $35.1 million, or $268,130 per unit. Sunrise Lane offers 131 apartments, a large resident clubhouse, swimming pool, spa and barbecue areas. Units come in one-, two- and three-bedroom layouts averaging 1,020 square feet. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of IPA represented the seller and procured the buyer in the transaction.
SUMNER, WASH. — New York-based Madison Capital has acquired four REI Co-op distribution centers in Sumner, Wash., Bedford, Penn., Goodyear, Ariz. and Lebanon, Tenn., for $230 million in a sale-leaseback transaction, which also includes the land associated with the properties. REI Co-op will continue to maintain and operate all buildings, as well as own all equipment and machinery inside each facility. The co-op’s network of distribution centers services its more than 190 stores across the country, as well as fulfills customers’ online orders. Heartland LLC, in cooperation with BRK Real Estate Advisors, JLL and Foundry Commercial, represented Sumner-based REI.
SEATTLE — Kidder Mathews has arranged the $42.6 million sale of Metro on First, a multifamily property in Seattle’s Queen Anne neighborhood. Dylan Simon, Jerrid Anderson and JD Fuller of Kidder Mathews’ Simon | Anderson Multifamily team represented the seller, a large institutional owner, and sourced the undisclosed buyer in the deal. Located at 215 First Ave. W., Metro on First offers 106 studio, one- and two-bedroom units. Originally built in 2001, the 72,194-square-foot property has undergone substantial interior renovations in recent years.
SEATTLE — Staypineapple has obtained $29.5 million in refinancing for The Maxwell Hotel, a 139-key boutique hotel in Seattle’s Queen Anne neighborhood. Adrienne Andrews and Jessica Mehra of JLL’s Hotels & Hospitality Group Debt Advisory team secured the 10-year, fixed-rate loan through a regional credit union for the borrower. Opened in 2010, the five-story property features spacious guest rooms with modern amenities, an indoor pool, fitness center and an onsite restaurant and bar, as well as 1,600 square feet of meeting space. The Maxwell Hotel is located at 300 Roy St., near the Seattle Center, Space Needle and Climate Pledge Arena.
SPANAWAY, WASH. — SimonCRE has acquired an 89,002-square-foot retail center located in Spanaway, with plans to redevelop the property. Plans for the center include the addition of a grocery anchor, as well as other new tenants. According to SimonCRE, redevelopment efforts at the property will be focused on updating existing structures.
SPOKANE, WASH. — Burlington Stores Inc. has completed the disposition of a 9.4-acre retail property located at 5830 N. Division St. in Spokane. Burlington North LLC, a local development group led by Ben Hawkins and Kevin Edwards, acquired the two-building asset for $10.2 million. Totaling 175,612 square feet, the property consists of a Burlington-occupied, two-story 157,307-square-foot building with three loading docks and high clear heights, and a 17,305-square-foot building that is leased to Rite Aid. The Burlington store will relocate to a smaller space at Franklin Park Shopping Center in Spokane allowing for redevelopment options at the current site. Yohar Renaud, Kyle Herting and Sydney Dixon of CBRE represented the seller in the deal.
RICHLAND, WASH. — Northmarq has arranged the sale of Richland Court, a multifamily property located at 2433 George Washington Way in Richland. KEI Apartment Fund 9 LLC sold the asset to BLV-Richland Court LLC for $19.9 million. Built in 1994, Richland Court offers 88 one-, two- and three-bedroom apartments and 142 parking spaces, including 10 garage, 24 carport and 108 surface spots. Apartment amenities include full-sized washers and dryers, air conditioning, balconies, fireplaces, microwaves, ovens, vaulted ceilings and ADA-accessible rooms. Community amenities include onsite maintenance and management, a community clubhouse, seasonal pool, fitness center, package receiving, a recreation center, spa and tanning bed. Tyler Smith, Joe Kinkopf and Steve Fischer of Northmarq’s Seattle Multifamily Investment Sales team represented the seller in the deal.
EVERETT, WASH. — Trent Development has completed the disposition of Nimbus, a multifamily community located at 2701 Rockefeller Ave. in Everett, approximately 30 miles north of Seattle. CEP Multifamily acquired the asset for $49 million. Completed in 2022, Nimbus features 165 studio, one- and two-bedroom apartments with soft-close cabinets, stainless steel appliances, quartz countertops, modern tile backsplashes and at least nine-foot ceilings. Onsite amenities include a coworking lobby, fitness room, arcade, cloud room with an entertaining kitchen and a rooftop lounge with mountain views. David Young, Corey Marx and Chris Ross of JLL Capital Markets Investment and Sales Advisory represented the seller in the deal.
VANCOUVER, WASH. — Gantry has secured a $23 million permanent loan to refinance the Mission Hills Apartments located at 11900 NE 18th St. in Vancouver. Situated on 33 acres, the property includes 556 one-, two- and three-bedroom apartments in multiple buildings. Community amenities include a club house, pool, spa and other Class A amenities. Blake Hering and Abi Hunter of Gantry represented the borrower, a private real estate family. The 10-year, fixed-rate loan was secured through one of Gantry’s correspondent life company lenders and features nonrecourse terms and a 30-year amortization schedule. The loan retires two maturing loans placed on different phases of the property.
