Essex Property Trust Closes Multifamily Deal with Kauri, Which is Also Set to Begin Construction
By Alex Girda, Associate Editor
Bellevue-based real estate company Kauri Investments recently completed the sale of one of its Seattle multifamily properties. The company has sold The Annaliese apartment building to Essex Property Trust for a reported $19 million, The Puget Sound Business Journal writes. The company is also intent on developing a new Seattle property, one that would be similar to the mixed-use development in which The Annaliese is situated.
The development includes a 160-key Hyatt Place hotel that was not included in the sale. Developed in 2010, the complex is located at 110 Sixth Ave. N., near Seattle Center. According to PSBJ, the sale was not planned by Kauri, but an inquiry by Kidder Matthews representatives Giovanni Napoli and Phillip Assouad, working on behalf of Essex Property Trust, eventually got the deal going. According to Kauri’s CEO, Kevin Angier, the 56-unit multifamily rental property had an occupancy rate of 95 percent at the time the transaction was completed.
Kauri Investments has also announced plans regarding a development that has a lot in common with the Annaliese-Hyatt Place project. The company is set to begin with the construction of a 46-unit apartment building and a Hyatt House hotel that would offer guests 126 rooms. Tentatively located at Fifth Avenue North and Broad Street, the development would capitalize on both the upward trend that multifamily properties have seen in the greater Seattle area during the past months and the strengthening hospitality market of the Pacific Northwest.
Image courtesy of arieldevelopment.com