Washington

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

Multifamily Seniors Housing Washington Western

Aegis Opens 110-Unit, China-Themed Seniors Housing Community Near Seattle

by Nellie Day February 13, 2018

NEWCASTLE, WASH. — Aegis Living has opened Aegis Gardens, a 110-unit assisted living and memory care community “open to all who enjoy celebrating Chinese culture” in the Seattle suburb of Newcastle. Located on 7.5 acres on Lake Boren, the community features a community cultural center and a preschool to encourage intergenerational interactions. Chinese culture is accentuated in the architecture, cuisine, décor and activities. Staff is multilingual, speaking English, Mandarin and Cantonese. Rents start at $3,700 per month. Aegis Living operates 29 communities in Washington, California and Nevada with nine new communities in development.

February 13, 2018

Loans Multifamily Seniors Housing Washington Western

NorthMarq Arranges Freddie Mac Financing for 130-Unit Seniors Housing Community Near Seattle

by Nellie Day January 29, 2018

LYNNWOOD, WASH. — NorthMarq Capital has arranged a Freddie Mac loan to refinance Quail Park of Lynnwood, a 130-unit seniors housing community in the Seattle Suburb of Lynnwood. The size of the loan was not disclosed. Quail Park is a three-story building located on 15 acres featuring independent living, assisted living and memory care. The property opened in 2014. Stuart Oswald of NorthMarq Capital’s Seattle regional office arranged the financing. The loan includes a seven-year term on a 30-year amortization schedule with two years of interest-only payments. The refinance allows for funds to be used for the the second and third phases of the community’s development, and repaid an existing Freddie Mac loan that NorthMarq originated for the previous owner. Although the borrower was not disclosed, CA Senior Living acquired the community in May 2017 in a joint venture with Living Care Lifestyles (the operator) and Goldman Sachs. Phase II of development includes plans for a 109-unit expansion.

January 29, 2018

Multifamily Washington Western

IPA Arranges $39M Sale of 139-Unit Apartment Complex in Washington

by Nellie Day January 24, 2018

MILL CREEK, WASH. — Institutional Property Advisors has arranged the sale of the 139-unit Monterra in Mill Creek apartment complex just south of Everett for $39 million. The community is located at 13401 Dumas Road. Neither the buyer nor seller were disclosed. Monterra in Mill Creek was built in 2003. It contains one- to three-bedroom units with an average unit size of 974 square feet. The new ownership plans to increase revenue through expiration of below-market leases while participating in the rent growth currently experienced and projected to continue in Mill Creek. Pete Shelton and Kim Grant of Institutional Property Advisors represented both the buyer and seller in this transaction.

January 24, 2018

Multifamily Washington Western

Greystar Buys 170-Unit Zig Apartments in Seattle

by Nellie Day January 24, 2018

SEATTLE — Greystar Real Estate Partners has acquired the 170-unit Zig Apartments in Seattle for an undisclosed sum. The community is located at 550 Broadway in the First Hill neighborhood. Zig Apartments was completed last summer. It includes 5,018 square feet of retail space. Greystar currently owns 2,206 units in the Seattle Metro Area and manages 21,186 additional units in the region.

January 24, 2018

Hospitality Washington Western

Hilton to Build 142-Room Hotel in Seattle

by Nellie Day January 23, 2018

SEATTLE — Hilton Hotels has announced plans to construct the Sound Hotel Seattle Belltown, a 142-room hotel in Seattle. The hotel is being developed as part of a 42-story mixed-use building. The new property will also house Arrivè apartments. The hotel will be situated on floors one through 10 with a first-floor lobby and restaurant. A bar/lounge, pre-function space and 770 square feet of meeting space, which will divide into two rooms, will all be available on the seventh floor. The Sound Hotel Seattle Belltown is part of the Tapestry Collection by Hilton. The Hotel Group will manage the asset.

January 23, 2018

Retail Top Stories Washington Western

Amazon Opens Prototype 1,800 SF Checkout-Free Grocery Store in Seattle

by Taylor Williams January 22, 2018

SEATTLE — Amazon.com Inc. (NASDAQ: AMZN) has opened the first location of Amazon Go, an 1,800-square-foot mini grocery store in Seattle that allows customers to shop without waiting in checkout lines. The store was open exclusively to Amazon employees for the past year. The store is located at 2131 7th Ave. near the corner of Blanchard Street, less than a mile from Pike Place Market and the e-commerce giant’s headquarters. It offers ready-to-eat meals and snacks prepared by Amazon chefs, as well as grocery staples and artisanal baked goods. The offerings also include chef-designed meal kits. Shoppers must have an Amazon account and the Amazon Go app, the latter of which enables entry into the store. Once inside, customers shop as they normally would and then simply leave. While there are no cashiers, there are employees working in the store who prepare food and check IDs on purchases of alcoholic beverages. The store employs inventory-tracking technologies featuring cameras and motion sensors that automatically detect items being removed or returned to shelves. Shortly after shoppers depart, they receive a digital receipt and charges to their Amazon account. “Amazon has generally been regarded as a threat to conventional retail,” says Kenneth Katz, …

January 22, 2018

Loans Multifamily Washington Western

KeyBank Provides $54.8M Freddie Mac Refinancing for 193-Unit Apartment Community in Seattle

by Nellie Day January 18, 2018

SEATTLE — KeyBank Real Estate Capital has provided $54.8 million in Freddie Mac financing for the 193-unit Angeline Apartments in Seattle’s Columbia City neighborhood. The community is located at 4801 Rainier Ave. S. Angeline Apartments was built in 2015. The property includes five floors of apartments, ground-floor retail space and an underground garage. The retail component includes PCC Natural Grocers, the largest consumer-owned natural food retail co-operative in the U.S., and All the Best Pet Care. KeyBank’s Jon Reible arranged the fixed-rate loan with a 10-year term. The funds were used to refinance existing debt.

January 18, 2018

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