Washington

Archstone
Investment SalesNewsWashingtonWestern

AvalonBay Sells Seattle Asset for $63.3 Million

by Lynn Peisner

REDMOND, WASH. — AvalonBay (NYSE: AVB) has sold Archstone Redmond Lakeview Apartments, a 166-unit community in Redmond, 15 miles west of Seattle. CBRE arranged the $63.3 million sale. Archstone Redmond Lakeview Apartments was built in 1987 on the Lake Sammamish waterfront. The property has one- and two-bedroom units with private patios, walk-in closets and fireplaces. It also has direct access to a private dock with 45 income-generating boat slips. Community amenities include a renovated clubhouse, fitness center, canoe parking, a pet area and an outdoor deck with views of Lake …

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Charbern-Seattle
Investment SalesNewsWashingtonWestern

JV Acquires Portfolio in Downtown Seattle for $35.2 Million

by Lynn Peisner

SEATTLE — Vista Investment Group and Sky Alps Capital have acquired a three-property, 215-unit portfolio in downtown Seattle for $35.2 million. The seller was an unnamed local investor and property manager who owned the buildings for about 30 years. JLL arranged a Freddie Mac loan for the buyers. The seller was represented by Dylan Simon, Jerrid Anderson, Matt Laird and JD Fuller of the Seattle office of Kidder Mathews. The portfolio consists of three properties, all of which were developed in the early 20th century and are located within a …

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Briggs-Village
Investment SalesNewsWashingtonWestern

IPA Arranges Sale in Olympia, Washington

by Lynn Peisner

OLYMPIA, WASH. — Nearon Enterprises has acquired Briggs Village from Glencrest Group. The 72-unit property is located with the 137-acre Briggs Village master-planned community in Olympia that includes retail, office and residential uses. The sales price was not publicly disclosed. Institutional Property Advisor’s Ryan Harmon, Philip Assouad, Giovanni Napoli, Nick Ruggiero and Anthony Palladino represented Nearon in the deal. Constructed in 2019, Briggs Village is three miles south of the Washington State Capitol campus and is connected to walking trails and six lakes.

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wellington-apartment-homes
Investment SalesNewsWashingtonWestern

MLG Capital Completes First Acquisition in Washington State

by Lynn Peisner

SILVERDALE, WASH. — MLG Capital, a real estate investor based out of Brookfield, Wisconsin, has acquired Wellington Apartment Homes in Silverdale, about 35 miles west of Seattle. The transaction marks the buyer’s first acquisition in Washington state. The 240-unit, garden-style property offers a heated pool, a clubhouse, a fitness center and a dog park. During its hold period, MLG is planning interior and exterior renovations, including installing stainless steel appliances, granite countertops and other upgraded features in all units, as well as curb appeal and amenity improvements. MLG bought the …

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Sienna-&-Sienna-Park
Investment SalesNewsWashingtonWestern

IPA Arranges Two-Property, $43 Million Deal in Seattle MSA

by Lynn Peisner

TACOMA, WASH. — Institutional Property Advisors (IPA) has arranged the sale of Sienna and Sienna Park, two adjacent properties with a total of 248 units just outside Tacoma. Interstate Equities Corp. acquired the assets for $43 million. Built in 1986 and 1988, the two Siennas create a value-add investment opportunity for Interstate Equities, according to Ryan Harmon, part of IPA’s team, which also included Giovanni Napoli, Philip Assouad, Nick Ruggiero and Anthony Palladino. IPA represented the seller, Goodman Real Estate, in the transaction. Sienna is an 80-unit asset with eight …

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The-Danforth-Seattle
Investment SalesNewsWashingtonWestern

Kennedy Wilson JV Acquires Seattle High-Rise for $173 Million

by Lynn Peisner

SEATTLE — Kennedy Wilson has partnered with Japan-based companies Kenedix and Hulic Co. to acquire The Danforth in Seattle for $173 million. A Whole Foods is the sole ground-floor retail tenant in the 265-unit community. Vanbarton Group, which has owned the asset since 2019, was the seller. Beverly Hills, California-based Kennedy Wilson has a 10 percent interest in the deal and invested $6.6 million of equity in the venture. Kennedy Wilson also will serve as asset manager for the partnership, receiving an undisclosed fee for that service. The Danforth is …

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Foster-Creek-Tukwila
BerkadiaInvestment SalesNewsWashingtonWestern

Berkadia Arranges Seattle Suburb Sale of Foster Creek

by Lynn Peisner

TUKWILA, WASH. — Investors Management Group has sold Foster Creek, a 179-unit property in Tukwila, 12 miles south of Seattle. According to the Puget Sound Business Journal, the sales price was $28.3 million, and the buyer was Spokane Indian Housing Authority. Managing Directors Benjamin Johnson and David Sorensen, Director George Pallis, Associate Director Peter Dudunakis and Senior Managing Director Kenny Dudunakis of Berkadia Seattle led the transaction on behalf of the seller. Senior Managing Director Tim Leonard and Managing Director Chris Crump of Berkadia Dallas secured the acquisition financing on …

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Madison-Bellevue
FinanceNewsWashingtonWestern

Ezralow Co. Secures $73.5 Million to Refinance Madison Bellevue

by Lynn Peisner

BELLEVUE, WASH.  — Berkadia has arranged a $73.5 million loan on behalf of California-based The Ezralow Co. to refinance The Madison Bellevue, a 281-unit garden-style property in Bellevue. Senior Managing Director Allan Freedman of Berkadia Los Angeles secured the financing through Freddie Mac. The Madison Bellevue features one- and two-bedroom layouts with quartz countertops, kitchen islands, hardwood-style flooring, washers and dryers, stainless steel appliances and private patios. Amenities include a gym, pool and lounge.

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Vue-Kirkland
Affordable HousingInvestment SalesNewsWashingtonWestern

Berkadia Arranges Sale of Vue Kirkland

by Lynn Peisner

KIRKLAND, WASH. — Acacia Capital has sold Vue Kirkland to BRIDGE Housing for an undisclosed sum. Managing Directors David Sorensen and Benjamin Johnson, Director George Pallis, Associate Director Peter Dudunakis and Senior Managing Director Kenny Dudunakis of Berkadia Seattle led the transaction on behalf of the California-based seller. BRIDGE Housing is planning to convert the 200-unit market-rate community to affordable housing, offering units to tenants earning between 50 and 80 percent of area median income. The property was built in 1977.

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Urbana in Seattle
Investment SalesNewsWashingtonWestern

Equity Residential Sells Seattle Asset to Carmel Partners

by Lynn Peisner

SEATTLE — Institutional Property Advisors (IPA) has arranged the sale of and financing for Urbana, a 289-unit, seven-story asset with 29,884 square feet of street-level retail in Seattle. IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino represented the seller, Equity Residential and procured the buyer, Carmel Partners. The sales price was not disclosed, but local media reported it traded for approximately $121 million. Built in 2014, the LEED Gold-certified Urbana has two rooftop decks, a resident lounge with a theater, a dog run and pet spa, …

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