Washington

Berkeley Point Capital Provides $250.5M Loan for Acquisition of Multifamily Portfolio in Western Region

by Kristin Harlow April 7, 2017

WASHINGTON, OREGON, COLORADO AND ARIZONA — Berkeley Point Capital has provided a $250.5 million loan for the acquisition of a multifamily portfolio located in the western United States. Starwood Capital Group acquired the portfolio from Holland Partners. Built between 1985 and 2002, the portfolio comprises 2,136 units across 11 properties in Washington, Oregon, Colorado and Arizona. Berkeley Point Capital used Freddie Mac’s Adjustable-Rate Mortgages (ARM) product to provide the 10-year loan. Due to rent levels at the properties, 25 percent of the loan balance qualified as affordable and exempt from Freddie Mac’s production cap. Charlie Haggard and Kevin Mignogna of Berkeley Point Capital arranged the financing. Berkeley Point Capital, based in Bethesda, Md., provides financing for multifamily properties, with a portfolio of $55 billion representing 3,600 loans in 49 states. Greenwich, Conn.-based Starwood Capital Group is a private investment firm with $52 billion of assets under management. —Kristin Hiller

April 7, 2017

Multifamily Washington Western

Capitol Hill Partners Buys Carroll and Kensington Apartments in Seattle

by Nellie Day April 5, 2017

SEATTLE — Capitol Hill Partners has acquired the 58-unit Carroll and Kensington Apartments in Seattle for an undisclosed sum. The community is located at 305 Bellevue Ave. E. The acquisition includes two mid-rise buildings with shared parking. The Carroll and Kensington Apartments were built in 1908 and 1994, respectively. The historic Carroll Apartments were upgraded in 2003. Marty Leith of ARA Newmark represented the seller, Family Apartments LLC, in this transaction.

April 5, 2017

Hospitality Washington Western

Union Investment Buys Hilton Garden Inn in Downtown Seattle for $90M

by Nellie Day March 29, 2017

SEATTLE — Union Investment has purchased the 222-room Hilton Garden Inn in downtown Seattle for $90 million. The hotel is located at 1821 Boren Ave. This is the Hamburg-based real estate investment manager’s first acquisition on the West Coast.

March 29, 2017

California Montana Multifamily Seniors Housing Washington Western

Ventas Buys Six Koelsch Seniors Housing Communities for $137M in Sale-Leaseback Transaction

by Nellie Day March 27, 2017

OLYMPIA, WASH. — Ventas has acquired six seniors housing communities from Koelsch Communities for $137 million and will immediately lease all the properties back to the Olympia-based operator. The communities acquired include Canterbury Park in Longview, Wash.; Cedarbrook in Fresno, Calif.; The Hampton & Ashley Inn and The Hampton at Salmon Creek both in Vancouver, Wash.; Madison House in Kirkland, Wash.; and Spring Creek Inn in Bozeman, Mont. The transaction increases the number of Ventas-owned, Koelsch-operated communities to 18. The properties span the continuum of care. Koelsch Communities operates 22 communities in seven states with eight more communities currently in development.

March 27, 2017

Retail Washington Western

Madison Marquette to Redevelop Pacific Place in Downtown Seattle

by Nellie Day March 22, 2017

SEATTLE — Madison Marquette is set to begin the redevelopment of Pacific Place, a 339,000-square-foot retail center located in downtown Seattle. Barney’s New York and Tiffany & Co. anchor the four-story center, which is also home to AMC Theatres, Barnes & Noble, Kate Spade New York, lululemon athletica and Victoria’s Secret. The multi-million dollar renovation — which architectural firm Gensler designed — will include remodeling the center’s common areas and the addition of a new entrance, and new shopping and dining space. The project is scheduled to begin in the fourth quarter of 2017, with the first phase opening in fall 2018.

March 22, 2017

Multifamily Washington Western

Arbor Terrace in Port Orchard Sells for $38.1M

by Nellie Day March 6, 2017

PORT ORCHARD, WASH. — A joint venture between New Standard Equities and an affiliate of Brixton Capital has acquired the 276-unit Arbor Terrace apartment community in Port Orchard for $38.1 million. The community is located at 1800 Sydney Ave. The JV plans to implement a $3 million repositioning at the property that includes a full renovation of the asset’s 1995-vintage unit interiors, as well as improvements to the fitness center, leasing facility and exteriors. The acquisition was leveraged with a $30.15 million loan from Freddie Mac, which CBRE’s Brian Eisendrath arranged.

March 6, 2017

Hospitality Washington Western

Hersha Hospitality Trust Purchases Pan Pacific Hotel in Seattle for $79M

by Nellie Day February 28, 2017

SEATTLE — Hersha Hospitality Trust has acquired the 152-room Pan Pacific Hotel in Seattle for $79 million. The hotel is part of the 2200 Westlake mixed-use project in the South Lake Union neighborhood. Pan Pacific Hotel is situated across the street from Amazon’s global headquarters. Other nearby companies include Facebook, Google, Expedia, Microsoft and the Bill & Melinda Gates Foundation. Chris Burdett and Matthew Behrens of CBRE Hotels Northwest represented the seller, Vulcan, in this transaction.

February 28, 2017

Industrial Washington Western

Terreno Realty Corp. Purchases 45,000 SF Industrial Property in Seattle for $7.8M

by Nellie Day February 23, 2017

SEATTLE — Terreno Realty Corp. has acquired a 45,000-square-foot industrial distribution building in Seattle for $7.8 million. The facility is located at 637 S. Lucile St. It sits adjacent to the city’s Port and SoDo (south of Downtown) districts. The asset is fully leased to one tenant on a short-term basis.

February 23, 2017

Multifamily Washington Western

Security Properties Buys Beaumont Grand Apartments in Lakewood for $35.2M

by Nellie Day February 20, 2017

LAKEWOOD, WASH. — Security Properties has acquired the 267-unit Beaumont Grand apartments in Lakewood for $35.2 million. The community is located at 8504 82nd St. SW. It is situated near the Port of Tacoma and Joint Base Lewis-McChord, a U.S. military installation supporting more than 66,000 jobs. The property is 95 percent leased. HFF’s Ira Virden and Chris Ross represented the seller, Grand Peaks Properties, and its finance partner, Pacific Coast Capital Partners, in this transaction.

February 20, 2017

Multifamily Washington Western

Union Bay Apartments in Seattle Trades for $24M

by Nellie Day February 16, 2017

SEATTLE — An affiliate of Champion has acquired the 73-unit Union Bay Apartments in the South Lake Union neighborhood of Seattle for $24 million. The community is located at 526 Yale Ave. N. It was built in 1994. Union Bay is situated near Amazon, Dropbox, Google, Facebook, WeWork, the Paul Allen Brain Institute, Fred Hutch Cancer Research and Zymogenetics.

February 16, 2017

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