Washington

Hodges Ward Elliot Negotiates $87M Sale of 234-Bed Hotel in Bellevue, Washington

by Amy Works March 23, 2018

BELLEVUE, WASH. — Hodges Ward Elliott has arranged the sale of AC Hotel Seattle Bellevue/Downtown, a hotel located at 208 106th Place NE in downtown Bellevue. Ishin Aju Hotel Bellevue LLC acquired the hotel from WPPI Bellevue AC LLC for $87 million. The seven-story property, which opened in August 2017, features 234 rooms, two levels of underground parking, 1,487 square feet of meeting space, the AC Lounge, the AC Kitchen, the AC Store, the AC Library and a fitness center. Mark Elliott, John Sonnier, Michael DiPrima and Rick Rush of Hodges Ward Elliott represented the seller in the transaction.

March 23, 2018

Belle-Harbour-Senior-Community-Bellevue-WA

Development Multifamily Seniors Housing Washington Western

Koelsch Plans $70M, 140-Unit Seniors Housing Community Near Seattle

by Amy Works March 19, 2018

BELLEVUE, WASH. — Koelsch Communities has announced plans for Belle Harbour Senior Community, a 140-unit assisted living and memory care community in the Seattle suburb of Bellevue. Groundbreaking is scheduled for October 2018 for a June 2020 opening. Development costs are estimated at $70 million. The campus will total 142,000 square feet on a 2.9-acre site. The two buildings will include The Inn Memory Care Community and The Park Assisted Living Community. Koelsch will operate the community upon completion. Partners include RJ Development. Koelsch Construction will act as general contractor, and Judy Koelsch and David Goularte of JSK Design will provide interior design services. Koelsch Communities operates 28 communities in eight states, with nine new communities in development.

March 19, 2018

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $26.4M Acquisition Financing for 138-Unit Seniors Housing Community in Washington

by Amy Works March 15, 2018

KENNEWICK, WASH. — CBRE has arranged $26.4 million in financing for the acquisition of Fieldstone Grandridge and Fieldstone Memory Care, a 138-unit assisted living and memory care community in Kennewick, located in the southeast portion of the state. A joint venture between Bourne Financial Group and Cascadia Senior Living is the borrower. The community is composed of two facilities constructed in separate phases between 2015 and 2016. Cascadia will continue to operate the property following the acquisition. Aron Will of CBRE National Senior Housing arranged the seven-year, fixed-rate loan with 36 months of interest-only payments. A national bank provided the capital. Bourne is a real estate private equity company founded in 2014 in Winter Park, Fla. Cascadia is a Washington-based operator founded in 2013.

March 15, 2018

Multifamily Seniors Housing Washington Western

Wolff Plans 152-Unit Seniors Housing Community Near Seattle

by Amy Works March 14, 2018

KIRKLAND, WASH. — The Wolff Company, an Arizona-based developer, has announced plans for Revel Kirkland, a 152-unit independent living community for seniors in the Seattle suburb of Kirkland. The five-story property will be located on the 12-acre site that formerly was home to LifeBridge Church. The project is scheduled for completion in 2019. Revel Kirkland is the 10th senior living community that The Wolff Company has developed since 2016. In 2018, the company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to acquisitions.

March 14, 2018

Acquisitions Industrial Washington Western

Bixby Land Co. Buys Industrial Building in Metro Seattle for $18.7M

by Amy Works March 14, 2018

SUMNER, WASH. — Newport Beach, Calif.-based Bixby Land Co. has purchased an industrial building located at 1800 Fryar Ave. in Sumner. Panattoni Development sold the property, which is included within Seattle’s Kent Valley industrial submarket, for $18.7 million. Built in 2017, the 55,660-square-foot property is leased to Cummins Inc., a company that designs, manufactures and distributes engines and power generation products. The transaction represents part of a strategic investment initiative by Bixby to acquire $400 million in leased warehouse and distribution buildings in the Western United States over the next two to three years. Brett Hartzell of CBRE represented the seller, while Bixby was self-represented in the deal.

March 14, 2018

Loans Multifamily Seniors Housing Washington Western

HFF Arranges $114.7M Development Financing for High-Rise Seniors Community in Seattle

by Nellie Day March 7, 2018

SEATTLE — HFF has arranged $114.7 million in development financing for 620 Terry, a 243-unit high-rise seniors housing community in Seattle’s First Hill neighborhood. HCP Inc. provided the capital to the developer, Columbia Pacific Advisors. The community will feature 194 independent living units, 21 assisted living units and 28 memory care units. The 24-story property is scheduled for completion in 2019. Ankrom Moisian designed the property, which is situated within a five-block radius of three major area hospital systems: Harborview Medical Center, Swedish Medical Center/First Hill and Virginia Mason Medical Center. It is less than one mile from an array of lifestyle and entertainment amenities in downtown Seattle. The HFF team representing the borrower included David Fasano, Sarah Anderson, Casey Davidson, Ryan Maconachy and Chad Lavender.

March 7, 2018

Loans Office Washington Western

Investcorp, Schnitzer West Secure $170M Refinancing for Seattle Office Tower

by Nellie Day February 27, 2018

SEATTLE — A joint venture between Investcorp International Realty and Schnitzer West has secured $170 million in refinancing for a 540,589-square-foot office tower in downtown Seattle. The Class A tower is located at 901 Fifth Ave. The tower was originally built in 1998. The core office asset was recently renovated with more than $7 million in improvements, including updates to the lobby, conference center and executive board room. It is almost fully leased to credit tenants like the City of Seattle, St. Jude, State Farm Mutual, SVB Financial Group, AllState Insurance, Washington State University, the Federal Home Loan Bank of Des Moines and Pitchbook Inc. HFF’s Michael Gigliotti, Tom Wilson and Michael Tepedino secured the loan through HSBC.

February 27, 2018

Multifamily Seniors Housing Washington Western

ESI Arranges Sale of Assisted Living Facility in Washington for $7M

by Nellie Day February 20, 2018

BELLINGHAM, WASH. — Evans Senior Investments (ESI) has arranged the sale of Rosewood Villa, a 66-unit assisted living community in Bellingham, for $7 million. Rosewood Villa was built in 1978 and is located approximately 87 miles north of Seattle, near the Canadian border. An independent owner-operator sold the property to a California-based private equity firm. The 40,533-square-foot community averaged 93.9 percent occupancy over the prior 12 months. The sale represents $106,000 per unit and a capitalization rate of 8.5 percent.

February 20, 2018

Multifamily Seniors Housing Washington Western

The Wolff Co. Plans 146-Unit Independent Living Community Near Seattle

by Nellie Day February 14, 2018

ISSAQUAH, WASH. — The Wolff Company, an Arizona-based private equity firm and senior living developer, has broken ground on a 146-unit independent living community in the Seattle suburb of Issaquah. The three-story Revel Issaquah is scheduled to open in late 2018. Wolff cited the fast growth of the 75-and-older population in Kings County for its selection of the area. Revel Issaquah is the ninth senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.

February 14, 2018

Multifamily Washington Western

Apartment Complex Sells for $33.8M in in Puyallup, Washington

by Nellie Day February 14, 2018

PUYALLUP, WASH. — An investor in a 1031 exchange has acquired the 154-unit Willow Springs Apartments in Puyallup for $33.8 million. The community is located at 608 39th Ave. SW. Willow Springs is situated across the street from a Pierce County Transit terminal and South Hill Mall. The gated complex was built in 1996. It contains a mix of one- to three-bedroom apartments. Amenities include a fitness center, swimming pool, Jacuzzi, playground and car wash stations. Timothy Ufkes, Evan McLeod and Jordan Smith of Marcus & Millichap represented both the buyer and seller, a private partnership, in this transaction.

February 14, 2018

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