Washington

CEP Multifamily Acquires Regal Ridge in Spokane, Washington for $21.5 Million

by Channing Hamilton July 12, 2023

SPOKANE, WASH. — CEP Multifamily purchased Regal Ridge, a 97-unit asset in Spokane’s South Hill neighborhood, from Cooper Street Capital for $21.5 million. Ryan Harmon, Nicholas Ruggiero, Philip Assouad and Giovanni Napoli of Institutional Property Advisors represented the seller and procured the buyer. Regal Ridge was built in 1994 on 4.5 acres. The community offers two- and three-bedroom apartments with features such as washers and dryers, hardwood floors, and private patios or balconies. Amenities include a pool, playground and package room.

July 12, 2023

Investment Sales News Washington Western

CEP Multifamily Acquires Regal Ridge in Spokane, Washington for $21.5 Million

by Channing Hamilton July 10, 2023

SPOKANE, WASH. — CEP Multifamily has acquired Regal Ridge, a 97-unit, garden-style community in Spokane’s South Hill neighborhood. Ryan Harmon, Nicholas Ruggeiro, Giovanni Napoli and Philip Assouad of Institutional Property Advisors brokered the deal. The property traded for $21.5 million. According to Apartments.com, Regal Ridge was built in 1997 and offers two- or three-bedroom units. Amenities include a pool, clubhouse, playground, and recycling services.

July 10, 2023

Finance News People News Washington Western

Seth Heikkila Rejoins JLL Capital Markets as Senior Director

by Channing Hamilton June 21, 2023

SEATTLE — Seth Heikkila has rejoined JLL Capital Markets’ multifamily team as a Senior Director in the Seattle office. In this role, Heikkila will focus on multifamily debt advisory. Heikkila previously worked at JLL from 2010 to 2019, where he served as Vice President of multifamily investment sales and Senior Vice President of Capital Markets. Most recently, he served as a first Vice President of Capital Markets at Institutional Property Advisors.

June 21, 2023

Investment Sales News Washington Western

RISE Properties Trust Sells Artesia in Suburban Seattle for $61.6 Million

by Channing Hamilton May 25, 2023

EVERETT, WASH. — MG Properties has purchased Artesia, a 192-unit apartment property in the Seattle suburb of Everett, from RISE Properties for $61.6 million. Giovanni Napoli Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA) represented the seller and procured the buyer. IPA Capital Markets team Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged the acquisition financing. Built in 1990 and updated between 2018 and 2022, Artesia’s units feature quartz countertops, stainless steel appliances, tile fireplace surrounds and reclaimed wood mantles.

May 25, 2023

Sierra Sun Apartments in Puyallup, Washington.

Investment Sales News Washington Western

Equus Capital Partners Acquires 150-Unit Sierra Sun Apartments Near Seattle

by Channing Hamilton May 22, 2023

PUYALLUP, WASH. — Equus Capital Partners (Equus) has acquired Sierra Sun Apartments, a 150-unit property in the Seattle suburb of Puyallup. Built in 2006, Sierra Sun comprises 20 apartment buildings and an 8,500 square-foot clubhouse and amenity center. The community offers one-, two- and three-bedroom townhome-style units. Each unit includes an attached two car garage. Equus will conduct $2 million in renovations to the asset, including interior and exterior updates, as well as enhancements to the clubhouse and amenity center. Madison Apartment Group, a subsidiary of Equus, will oversee the …

May 22, 2023

Investment Sales News Washington Western

Barcelo Homes Sells Newly Completed Tacoma Asset for $35.4 Million

by Lynn Peisner April 27, 2023

TACOMA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Caesars Luxury Apartments in Tacoma. The 131-unit asset sold for $35.4 million. The seller, Barcelo Homes, completed development of the project earlier this year. IPA’s Nick Ruggiero, Philip Assouad, Giovani Napoli, Ryan Harmon and Anthony Palladino represented the seller. Kathryn Dobler of Tacoma-based Dobler Management represented the buyer, RGPD LLC. The property offers a mix of studios, “urban” one-bedrooms, traditional one-bedrooms and two-bedroom units. An urban one-bedroom is a unit type that …

April 27, 2023

A 3D render of Eastrail Flats, a modern rustic style multifamily building.

Development Finance News Washington Western

IPA Arranges $173 Million in Financing for Three Mixed-Use Projects in Suburban Seattle

by Channing Hamilton March 30, 2023

WOODINVILLE, REDMOND AND MOUNTLAKE TERRACE, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $173 million in construction and permanent financing for three mixed-use projects in suburban Seattle. Raymond Allen and Seth Heikkila of IPA’s Seattle office represented the borrowers in the transaction. The lender was not disclosed. IPA arranged $66.2 million in construction financing for Eastrail Flats, a five-story mixed-use asset in the northern Seattle suburb of Woodinville. The five-year loan features a 31-month interest-only (IO) period, a 30-year amortization and 55 percent loan-to-cost …

March 30, 2023

Investment Sales News Washington Western

Waterton Acquires Seattle-Area Property for $63.5 Million

by Channing Hamilton March 21, 2023

KIRKLAND, WASH. — Waterton has acquired 128 on State, a 123-unit property in Kirkland, about 11 miles northeast of Seattle. Prometheus Real Estate Group was the seller. According to King County public records, 128 on State traded for $63.5 million. Waterton plans to renovate the property. Unit upgrades will include new tile backsplashes and refinished cabinetry, new carpeting and tile, quartz countertops and updated lighting and plumbing fixtures. Common areas will be upgraded with new furniture, and a yoga studio will be added to the fitness center.

March 21, 2023

A 3D render of Kōz on Alderwood, a contemporary-style black and white multifamily building.

Development Finance News Washington Western

MSquared, Kōz Development Secure $54 Million for Seattle Project

by Channing Hamilton March 20, 2023

SEATTLE — MSquared and Kōz Development have closed on financing for Kōz on Alderwood, a 200-unit mixed-income development in Seattle. The project is being financed by $35 million in debt from Coastal Community Bank, $13 million in equity from MSquared and $6 million in equity from Kōz Development investors, for a total of $54 million. Kōz on Alderwood will offer studio, one- and two-bedroom apartments. Half of the units will be set aside for households earning up to 80 percent of the area median income. Construction on the project is …

March 20, 2023

Broadstone Sky, a blue and gray multifamily building with yellow accents built into a hill.

Investment Sales News Washington Western

Green Leaf Capital Partners Acquires Broadstone Sky in Seattle

by Channing Hamilton February 10, 2023

SEATTLE — Green Leaf Capital Partners has acquired Broadstone Sky in Seattle for an undisclosed amount. JLL Capital Markets arranged the sale and represented the undisclosed seller. The asset has 151 units in one- and two-bedroom floor plans and was built in 2016. Amenities include a 24-hour fitness center, a rooftop deck, a lounge, two outdoor barbecue areas and an on-site coffee and wine shop. JLL’s Investment Sales and Advisory Team included Senior Managing Directors David Young and Corey Marx, Senior Directors Chris Ross and Jordan Louie and Director Michael …

February 10, 2023

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