Washington

Kidder Mathews Negotiates $19.9M Sale of Uptown Queen Anne Apartments in Seattle

by Amy Works June 26, 2024

SEATTLE — Kidder Mathews has negotiated the sale of Uptown Queen Anne Apartments, a mid-rise multifamily property at 315 First Ave. W. in Seattle. The seller, which originally developed the building in 2001, sold the asset to Trinity Real Estate for $19.9 million, or $331,000 per unit. Situated in the Queen Anne neighborhood, Uptown Queen Anne Apartments features 60 apartments and two commercial spaces. Jerrid Anderson and Winslow Lee of the Simon and Anderson team, a multifamily investment team based at Kidder Mathews’ Seattle headquarters, represented the seller in the off-market transaction.

June 26, 2024

Acquisitions Industrial Washington Western

Davis Property & Investment Buys Central Commerce Center Industrial Campus in Kent, Washington

by Amy Works June 25, 2024

KENT, WASH. — Davis Property & Investment has acquired Central Commerce Center, an industrial campus located at the intersection of Central Avenue South and 259th Street in Kent, a suburb south of Seattle. Constructed between 2000 and 2001, Central Commerce Center comprises four fully leased industrial buildings with freeway access, ample parking and proximity to numerous walkable amenities. The buildings offer 12- to 16-foot clear heights, on-grade loading facilities and an infrastructure that includes a total of 1400 amps 3-phase 480v power. Brian Bruininks and Shane Mahvi of Andover Co. represented the undisclosed seller in the deal. The price was not disclosed.

June 25, 2024

Loans Multifamily Seniors Housing Washington Western

First Citizens Bank Provides Refinancing for 159-Unit GenCare Lifestyle Tacoma at Point Ruston

by Amy Works June 21, 2024

TACOMA, WASH. — First Citizens Bank, through its healthcare finance business, has provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator. The amount of the financing was not disclosed.

June 21, 2024

Acquisitions Multifamily Seniors Housing Washington Western

IRA Capital Buys 253-Unit Quail Park of Lynnwood Seniors Housing Community in Washington

by Amy Works June 18, 2024

LYNNWOOD, WASH. — IRA Capital, a California-based private equity firm, has acquired Quail Park of Lynnwood, a 253-unit, Class A property in the Seattle suburb of Lynnwood. Quail Park is spread across 15 acres and was developed in two phases in 2013 and 2020. The property offers independent living, assisted living, “enhanced assisted living” and memory care. IRA made the acquisition in an all-cash deal alongside an institutional joint-venture partner. The new owners plan to invest in updates to common areas and amenities. The seller and price were not disclosed.

June 18, 2024

Acquisitions Net Lease Retail Washington Western

Marcus & Millichap Brokers $2.9M Sale of AutoZone-Occupied Property in Shoreline, Washington

by Amy Works June 18, 2024

SHORELINE, WASH. — Marcus & Millichap has arranged the sale of a retail property, located at 18217 Aurora Ave. North in Shoreline, a suburb north of Seattle. A private investor sold the asset to an undisclosed buyer for $2.9 million. AutoZone occupies the 6,030-square-foot property on a net-lease basis. The tenant recently inked an early 10-year extension with scheduled rental increases every five years for the property. Carson Breshears and Hank Wolfer of Marcus & Millichap represented the seller in the deal.

June 18, 2024

Acquisitions Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 50-Unit Assisted Living Community in Mercer Island, Washington

by Amy Works June 17, 2024

MERCER ISLAND, WASH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 50-unit assisted living and memory care community in Mercer Island, located in Lake Washington just east of Seattle. The property was built in 1990. Its name was not disclosed. The seller was a private real estate fund. The buyer is a Northwest-based owner-operator looking to expand its portfolio in Washington. The new owner plans to remodel the community Jason Punzel and Daniel Geraghty handled the transaction for SLIB.

June 17, 2024

Development Multifamily Seniors Housing Washington Western

Cogir Completes 76-Unit Seniors Housing Community in Kirkland, Washington

by Amy Works June 10, 2024

KIRKLAND, WASH. — The Cogir Family of Companies has completed work on Cogir of Kirkland, a 76-unit independent living and assisted living community in Kirkland, a suburb east of Seattle. Located in the city’s Lakeview neighborhood, the community offers units ranging from 375 to 475 square feet. Cogir will hold a ribbon cutting on June 20 at the property.

June 10, 2024

Acquisitions Affordable Housing Multifamily Washington Western

CPP Acquires 168-Unit Crestview Terrace Affordable Housing Community in Ellensburg, Washington

by Amy Works June 6, 2024

ELLENSBURG, WASH. — Community Preservation Partners (CPP) has purchased Crestview Terrace, an affordable housing development in Ellensburg, approximately 110 miles southeast of Seattle. Terms of the transaction were not released. CPP plans to renovate the 168 units at Crestview Terrace, which was built in 1970 and last renovated in 2008. Comprising 76 single-story buildings, the community offers 95 one-bedroom, 36 two-bedroom, 26 three-bedroom and nine four-bedroom units. The property is restricted to residents earning between 40 percent and 50 percent of area median income. Interior upgrades will include the installation of new kitchen cabinets, countertops, flooring, Energy Star refrigerators, dishwashers, ranges, hoods, sinks faucets, low-flow toilets and showerheads, mini-split HVAC units, water heaters, ceiling fans and LED lighting. Exterior upgrades will include window replacement, new roofing and siding, sealcoat and striping of the parking lot, landscape improvements, ADA unit conversions and path-of-travel improvements, as well as the addition of a dog park and community garden. Construction is scheduled to begin this month, with completion slated for July 2025. Each household will be temporarily relocated for seven to 10 days at no cost to the tenants, after which they will return to a fully renovated apartment. The property’s affordability status was set …

June 6, 2024

Acquisitions Industrial Washington Western

EQT Exeter Buys Four Gayteway Business Park Buildings in Arlington, Washington for $70.6M

by Amy Works June 5, 2024

ARLINGTON, WASH. — EQT Exeter has purchased Gayteway Business Park buildings B, C, F and G from Chris Gayte and Brent Nicholson of Gayteway Business Park for $70.6 million. Situated on 22.3 acres in Arlington, approximately 45 miles north of Seattle, the four Class A industrial buildings total 365,000 square feet. Located at 20101 and 19927 67th Ave. Northeast, the buildings offer dock-high and grade-level loading, concrete truck courts, 24- to 30-foot clear heights, abundant parking and ESFR sprinklers. Brett Hartzell and Paige Morgan of CBRE National Partners represented the seller in the deal. Al Hodge of Broderick Group assisted on the transaction.

June 5, 2024

Acquisitions Multifamily Washington Western

NBP Capital Sells Thunderbird Village Multifamily Community in Vancouver, Washington for $26.7M

by Amy Works June 5, 2024

VANCOUVER, WASH. — NBP Capital has completed the disposition of Thunderbird Village, a garden-style apartment community in Vancouver, a suburb of Portland, Oregon. An undisclosed buyer paid $26.7 million for the property, which is located at 4601 E. 18th St. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the deal. Built in 1972, Thunderbird Village features 182 one-, two- and three-bedroom floor plans averaging 972 square feet. Of the units, 41 have been renovated to include upgraded vinyl and carpet flooring, new appliances and hardware, quartz countertops and stacked washers/dryers. Newly renovated community amenities include an outdoor swimming pool, sauna, walking trails, fitness center, tennis and basketball courts, and business center.

June 5, 2024

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