BELLEVUE, WASH. — Bellwether Enterprise Real Estate Capital LLC has closed the $51 million refinancing of the 260-unit Alley 111 in Bellevue. The apartment community is located at 11011 N.E. 9th St. Alley 111 was built in 2015. The community features a rooftop deck and lounge, fitness center, storage lockers for skis and snowboards, and dry-cleaning services. The property’s ground-floor retail includes Minamoto Japanese Cuisine and Honor Coffee. Laurie Morfin originated the 10-year, fixed-rate loan. The lender was Nationwide.
PULLMAN, WASH. — Love Funding has provided a $29.8 million refinancing for the 361-unit Pimlico Apartments in Pullman. The community is located at 1455 NE Brandi Way. Pimlico Apartments features one- to three-bedroom units with private balconies. It was built in 2013 and 2014. Brian Robertson of Love Funding has secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The HUD program provided the development team with long-term, non-recourse financing.
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American Campus Communities Acquires 3,776-Bed Student Housing Portfolio for $590.6M
AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC) has acquired a portfolio of seven student housing properties totaling 3,776 beds across the Western and Midwestern United States for approximately $590.6 million. Affiliates of Milwaukee-based development firm and Core Spaces and Chicago-based DRW Real Estate Investments LLC sold the assets. All of the properties are associated with major universities, with enrollment averaging about 35,000 undergraduate and graduate students at each school. The company will invest about $8 million in up-front capital improvements to the portfolio. Two of the properties are stabilized: the 513-bed Hub Eugene and the 655-bed State, which service students at the University of Oregon and Colorado State University, respectively. The company acquired these assets in August for a combined $146.1 million. Another two of the properties, the 850-bed The James and the 248-bed Hub U District Seattle, are opening this fall. Those properties are located near the University of Wisconsin and the University of Washington, respectively. The final three properties, which total 1,500 beds, are all under construction and slated for fall 2018 delivery. They include Hub Ann Arbor, Hub West Lafayette and Hub Flagstaff, which offer housing to students attending the University of Michigan, Purdue University …
SEATTLE — Blueprint Healthcare Real Estate Advisors has arranged the $24.5 million sale of Foundation House, a 104-unit independent living and assisted living community in Seattle. A local nonprofit sold the property to a Seattle-based commercial real estate firm. The sale will keep the existing triple-net lease in place with the operator. The purchase price equates to approximately $236,000 per unit and a 6.9 percent yield on current rent. Ben Firestone and Michael Segal of Blueprint executed the transaction with the assistance of Mike Mooney, who covers the Pacific Northwest region for the firm.
SEATTLE — Amazon has announced plans to open Amazon HQ2, a second company headquarters in North America. The online retailer plans to invest more than $5 billion in construction. The Amazon HQ2 Request for Proposal is now open. The company is looking for a metropolitan area with more than one million people that boasts a stable and business-friendly environment. It is considering both urban and suburban locations with the potential to attract and retain strong technical talent. The new facility will be comparable to Amazon’s current Seattle headquarters, which contains 8.1 million square feet of space within 33 buildings. The new project will not be a satellite office. Amazon estimates its investments in Seattle from 2010 through 2016 resulted in an additional $38 billion to the city’s economy. Every dollar invested by Amazon in Seattle generated an additional $1.40 for the city’s economy overall, according to the company.
PORTLAND ORE. — CareTrust REIT Inc. (NASDAQ: CTRE) has agreed to acquire 13 skilled nursing facilities in three separate transactions for a total purchase price of $97 million. The properties are located in Idaho, Texas, Oregon and Washington. In the first transaction, CareTrust has acquired three skilled nursing facilities in Idaho as part of a staged, seven-facility portfolio transaction. When completed, the full portfolio price will be $65.5 million, which CareTrust funded with cash on hand and its $400 million unsecured revolving credit facility. The full transaction is scheduled for completion by the end of the year. The seven properties, which total 571 beds, will all be added to CareTrust’s master lease with Cascadia Healthcare LLC. CareTrust forecasts an annual cash rent of approximately $5.9 million from the portfolio. In the second transaction, CareTrust acquired Wellspring Health and Rehabilitation of Cascadia, a 53-bed skilled nursing facility in Nampa, Idaho; Secora Health and Rehabilitation of Cascadia, a 120-bed skilled nursing facility in Portland, Ore.; and Brookfield Health and Rehabilitation of Cascadia, an 83-bed skilled nursing facility in Battle Ground, Wash. CareTrust bought the properties for $11.3 million and added all three to the same master lease with Cascadia Healthcare. CareTrust expects …
SEATTLE AND AUSTIN, TEXAS — Amazon (NASDAQ: AMZN) has officially closed its $13.7 billion acquisition of Whole Foods Market. The first order of business for the e-commerce giant is making the Austin-based grocer’s high-quality and organic food more affordable for its shoppers. Beginning yesterday, Whole Foods Market now offers lower prices on selected grocery staples across its stores, with more to come. These include fair-trade bananas, organic avocados, organic large brown eggs, organic salmon and tilapia, organic baby kale and baby lettuce, animal-welfare-rated 85 percent lean ground beef, creamy and crunchy almond butter, organic Gala and Fuji apples, organic rotisserie chicken and organic butter. “We’re determined to make healthy and organic food affordable for everyone,” said Jeff Wilke, CEO of AmazonWorldwide Consumer, in a statement. “We will lower prices without compromising Whole Foods Market’s long-held commitment to the highest standards.” Due to Amazon’s reputation and ability to deliver on its promises, other grocers are watching closely as Whole Foods transitions to the new model, according to Rick Scardino, principal of Lee & Associates’ Chicago office. “Most grocers will be concerned for obvious reasons as to Amazon’s plan to lower pricing because that will shrink already tight margins in the grocery …
ENUMCLAW, WASH. — An unnamed buyer has acquired the 23-suite Alta Crystal Resort at Mount Rainier in Enumclaw for an undisclosed price. The hotel is located at 68317 SR 410 East. The upscale select-service resort is situated near the Cascade Range ski area in Northwest Washington. Joseph Kennedy of Crystal Investment Property represented the seller in this transaction. Crystal Investment is a member of Hotel Brokers International.
VANCOUVER, WASH. — Capital One has provided a $41.1 million first mortgage loan and a $5 million senior credit facility for Prestige Care, a Vancouver-based owner-operator. The company used the mortgage loan to acquire four senior housing and skilled nursing facilities in Washington and Idaho, as well as to refinance three facilities it owns in Oregon and Washington. Together, the facilities total 751 units. Prestige will use the revolver to support general corporate purposes and working capital needs. Prestige is acquiring: Colonial Vista in Wenatchee, Wash. Hearthstone Cottage of Ellensburg in Ellensburg, Wash. Hearthstone Cottage of East Wenatchee in East Wenatchee, Wash. Karcher Estates in Nampa, Idaho The company is refinancing: Coast Fork Nursing in Cottage Grove, Ore. Oregon City in Oregon City, Ore. Prestige Assisted Living at Hazel Dell in Vancouver, Wash. Founded in 1985, Prestige Care operates a portfolio of more than 80 senior care communities in eight Western states. It specializes in revamping facilities in rural, medium-sized markets.
MARYSVILLE, WASH. — JRK Property Holdings has acquired the Carroll’s Creek Landing apartment complex in the Seattle suburb of Marysville for $60 million. The community is located at 18111 25th Ave. Carroll’s Creek was built in 2002. It features two- to four-bedroom units. Community amenties include a welcome center, basketball half-court, clubhouse with fireside lounge, and barbeque/picnic area. Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia represented the seller, Maryland-based Gateway Trident LLC, in this transaction.