LYNNWOOD, WASH. — Interstate Equities Corp. (IEC) has acquired Augusta Glen, a 121-unit property in the northern Seattle suburb of Lynwood, for $28.3 million. IEC purchased the asset from a long-term family ownership group in an off-market transaction. Built in 1990, Augusta Glen is adjacent to Route 99 and proximate to the I-5 / I-405 intersection, the main North-South artery in the Seattle MSA. The new owner plans to renovate the community and improve safety features.
VANCOUVER, WASH — Ethos Commercial Advisors has structured $48 million in construction financing and $32 million in joint venture equity for Arvon Apartments, a 274-unit project in Vancouver. The garden-style community offers one-, two- and three-bedroom units with an average size of nearly 1,000 square feet. Danny Natsch and Matt Illias arranged the partial recourse construction loan through a national bank. The loan features a 42-month term and a sub-300 spread over SOFR with a 25 percent recourse obligation to the guarantors. Natsch and Illias also sourced the joint venture equity through …
SEATTLE — Kidder Mathews has brokered the sale of Seventh and James Apartments in Seattle’s First Hill neighborhood. Dylan Simon, Matt Laird and JD Fuller of Kidder Mathews’ Simon Anderson team represented the seller and sourced the buyer in the transaction. An institutional owner sold the asset to an undisclosed buyer for $26.9 million. Seventh and James Apartments features 96 units. The five-story, podium-style building was built in 1992 at 600 7th Ave.
KENT, WASH. — Institutional Property Advisors (IPA) has brokered the sale of Waters Edge, a 304-unit asset within The Lakes master-planned community in Kent. FPA Multifamily acquired the property from Jackson Square Properties for $80 million. IPA’s Giovanni Napoli, Philip Assouad, Nicholas Ruggiero, Ryan Harmon and Anthony Palladino represented the seller and procured the buyer. Waters Edge was built in 1987. The low-density community offers one-, two- and three-bedroom apartments with an average size of 879 square feet. Amenities include a private lake with a walking trail, clubhouse, pool, lounge …
TACOMA, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided a $14.6 million construction loan for New Life Homes, a 60-unit low-income housing project in Tacoma’s Hilltop neighborhood. National Equity Fund (NEF) provided LIHTC equity. Caleb Stephens of KeyBank CDLI structured the loan. Shiloh Baptist Church, with Beacon Development Group as consultant, is developing New Life Homes. With the assistance of Tacoma Housing Authority, the church has leveraged several public funding sources along with tax credits and traditional financing to construct New Life Homes. New Life Homes will be …
DES MOINES, WASH. — Institutional Property Advisors has arranged the sale of two properties in Des Moines. Spinnaker Landing, a 66-unit property built in 1987, and Regatta, an 86-unit asset constructed in 1983 traded for a total of $34.4 million. Both communities feature garden-style units. Philip Assouad, Giovanni Napoli, Nicholas Ruggiero, Ryan Harmon, and Anthony Palladino represented the sellers, Spinnaker Landing Apartments LLC and Regatta Apartments LLC, and procured the buyer, a private Los Angeles-based owner.
FEDERAL WAY, WASH. — Institutional Property Advisors (IPA) has arranged the sale and financing of Trellis, a 111-unit property in Federal Way. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million. Trellis was built in 1985 on 8.6 acres. The community offers 33 one- and two-story duplexes and fourplexes. Units come in two- and three-bedroom floor plans with an average size of 1,000 square feet. IPA’s Ryan Harmon, Giovanni Napoli, Philip Assouad, and Nicholas Ruggiero represented the seller and procured the buyer. Brian Eisendrath, …
BOTHELL, WASH. — Conversion Logix, an Bothell-based digital marketing company focused on multifamily, senior living and student housing, has hired CJ Edmonds to the role of chief revenue officer. Edmonds brings more than 25 years of experience in software-as-a-service company management and more than thirteen years of experience in real estate marketing and technology services to the company.
LYNNWOOD, WASH. — Institutional Property Advisors has arranged the sale of Augusta Glen, a 121-unit community in the Seattle suburb of Lynwood. Interstate Equities Corp. acquired the asset from APIC Inc. for $28.3 million. Augusta Glen was built in 1991 on 6.8 acres. The community offers one-, two- and three-bedroom units averaging 925 square feet in size. Amenities include a fitness center and a seasonal outdoor pool.
REDMOND, WASH. — JLL Capital Markets has arranged the sale of Radiate Apartments, a 360-unit luxury community in the eastern Seattle suburb of Redmond. Jackson Square Properties acquired the asset from Fairfield Residential for $125 million. David Young, Corey Marx, Ira Virden, Chris Ross, Jordan Louie, Michael Lyford and Reed Curtis led the JLL investment sales and advisory team that represented the seller and procured the buyer. Radiate Apartments was built in 2021. The community offers 360 apartments in studio, one- and two-bedroom floor plans. Units feature full-size washers and dryers, …