Washington

CBRE Arranges $74 Million Loan to Construct Motto Apartments in Marysville, Washington

by Channing Hamilton November 30, 2023

MARYSVILLE, WASH. — CBRE has negotiated $47 million in construction financing for Motto Apartments, a 228-unit property in Marysville, 35 miles north of Seattle. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE secured the construction-to-permanent, seven-year, fixed-rate financing with interest-only payments for the full term. The borrower is Intracorp. Intracorp Homes is developing the community. Motto Apartments will feature air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits and a fenced dog park. Construction is set to begin with the close of the financing. Completion is slated …

November 30, 2023

Investment Sales News Washington Western

Fourth Avenue Capital Acquires The Ridge in Vancouver, Washington

by Channing Hamilton November 20, 2023

VANCOUVER, WASH. — Fourth Avenue Capital has purchased The Ridge, an 80-unit community in Vancouver. Built in 1987, The Ridge consists of 10 residential buildings on a 3.1-acre site. Units come in two- and three-bedroom floor plans. Units include private garage parking space and in-unit washers and dryers. The property also features a leasing office, playground and pool. Fourth Avenue Capital plans to renovate the asset with updates to unit interiors and amenity spaces.

November 20, 2023

Investment Sales News Washington Western

Interstate Equities Corp. Acquires Augusta Glen in Lynnwood, Washington, for $28.3 Million

by Channing Hamilton November 9, 2023

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.

November 9, 2023

Finance News Washington Western

Ethos Commercial Advisors Arranges $80 Million for Arvon Apartments in Vancouver, Washington

by Channing Hamilton October 25, 2023

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 …

October 25, 2023

Seventh and James Apartments in Seattle, Washington

Investment Sales News Washington Western

Kidder Mathews Brokers $26.9 Million Sale of Seventh & James Apartments in Seattle

by Channing Hamilton October 20, 2023

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.

October 20, 2023

Investment Sales News Washington Western

Institutional Property Advisors Brokers $80 Million Sale of Waters Edge in Kent, Washington

by Channing Hamilton October 9, 2023

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 …

October 9, 2023

Affordable Housing Development Finance Investment Sales News Washington Western

KeyBank Provides $14.6 Million to Construct Affordable Project in Tacoma, Washington

by Channing Hamilton October 5, 2023

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 …

October 5, 2023

Investment Sales News Washington Western

Institutional Property Advisors Arranges $34.4 Million Sale of Two Properties in Des Moines, Washington

by Channing Hamilton October 3, 2023

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.

October 3, 2023

Finance Investment Sales News Washington Western

Institutional Property Advisors Brokers $32.4 Sale of Trellis in Federal Way, Washington

by Channing Hamilton September 21, 2023

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, …

September 21, 2023

Company News News People News Washington Western

Conversion Logix Hires CJ Edmonds as Chief Revenue Officer

by Channing Hamilton September 19, 2023

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.

September 19, 2023

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