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TruAmerica’s $255M Shopping Spree

30 Sep 2015, 11:17 am

By Ioana Neamt, Associate Editor

The Haven at Charbonneau

The Haven at Charbonneau

It’s been a very busy couple of months for TruAmerica Multifamily.

After making its first venture into Oregon’s multifamily market this June, with the purchase of The Haven at Charbonneau in the Portland metro, the Los Angeles-based company now snapped up a seven-property Pacific Northwest multifamily portfolio from Equus Capital Partners Ltd., for a whopping $255 million.

The portfolio totals 1,829 apartment units. Located in Seattle’s Lynwood, Kent and Silverdale submarkets, in Portland’s Wilsonville submarket, and in downtown Salt Lake City, the garden-style communities were constructed between 1982 and 1990. The portfolio was 97 percent leased at the time of sale.

“This portfolio offered investors an opportunity to acquire a critical mass of units in some of the nation’s most coveted rental markets,” Greg Curci, vice president of Equus, said in a statement. “Investor interest in these well-located and high-performing assets was overwhelming.”

Philadelphia-based Equus was represented in the transaction by Jon Hallgrimson, Eli Hanicek, Frank Bosl, Carrie Kahn, and Graham Taylor of CBRE, for the Seattle and Portland-area assets. Greg Barratt and James Wadsworth of Berkadia represented Equus in the Salt Lake City sale.

According to the Portland Business Journal, TruAmerica is on a shopping spree in the Pacific Northwest area, and is expected to have more than 6,000 units in the region by the end of the year.

Image courtesy of Haven Apartments 

Seattle Office Asset Lands Refinancing

25 Sep 2015, 3:10 pm

By Ioana Neamt, Associate Editor

Snoqualmie Ridge - 8226 Bracken Place SE

Snoqualmie Ridge – 8226 Bracken Place SE

An office/flex building in suburban Seattle has landed a $7.95 million refinancing.

Working on behalf of Nexus Snoqualmie LLC, HFF has arranged refinancing for Snoqualmie Ridge—a two-story, 76,662-square-foot property in Snoqualmie, Wash. The brokerage firm placed the ten-year, fixed-rate loan with a national lender. According to HFF, loan proceeds will be used to replace a maturing CMBS loan from a 2005 recapitalization.

The 14-year-old office/flex building occupies 4.11 acres in Seattle’s Eastside area, at 8226 Bracken Place SE. Located within the Snoqualmie Ridge Business Park in the I-90 corridor, the property is 94.8 percent leased to tenants such as Zetec Inc.—who is headquartered in the building, Sherwin-Williams, and Eastside Psychological Associates.

The refinancing deal was secured with the help of an HFF debt placement team led by Senior Managing Director Tim Wright and Director Zack Holderman.

Image courtesy of Nexus Properties Inc.

Housing Still a Hot Commodity in Pacific Northwest

23 Sep 2015, 11:30 am

By Alex Girda, Associate Editor

The Pacific Northwest’s multifamily market surge continued as TruAmerica Multifamily recently closed on the acquisition of a two-property portfolio in the region. FPA Multifamily received $48.75 million for the two properties located in Renton, WA and Canby, OR.

Windsor Apartment Homes and Township Apartment Homes are adding 295 units to TruAmerica’s already expansive Pacific Northwest portfolio. The company has committed more than $230 million to investments in the area over just the past three months, and added a total of 1,598 units to its portfolio. According to a recently issued statement, the company currently manages a total of 3,700 units in the area, and aims to expand those holdings by 2,200 units by year’s end.

The Township is located at 700 SE 5th Ave. in Canby. Managed by Greystar, the 93-unit property was acquired for $12 million. The unit mix at the 16-year-old residential community consists of one-, two-, and three-bedroom units that have an average rent of $1,196, according to Yardi Matrix.

The Windsor

The Windsor

The Windsor is a 202-unit community, located at 4415 5th St. NE in Renton. Extensively renovated by the previous owner, the asset will only undergo a light improvement project to the common amenities. Residents have access to a package that includes a fitness center, clubhouse, basketball, swimming pool and spa. Yardi Matrix data shows that the average rent at the property stands at $1,313.

Image via Yardi Matrix

Portland Retail Center Lands $23M Financing

23 Sep 2015, 11:27 am

By Ioana Neamt, Associate Editor

Timberland Town Center

Timberland Town Center

A 91,801-square-foot retail center in Portland, Ore. has landed $23 million in financing with the help of HFF.

Working on behalf of borrower Timberland Town Center LLC, a limited liability company controlled by Gramor Development Inc., HFF has secured a ten-year, fixed-rate loan for Timberland Town Center in western Portland. The broker placed the loan with AXA Equitable Life Insurance Co., through its advisor Quadrant Real Estate Advisors. An HFF debt placement team led by Managing Director Casey Davidson arranged the financing deal.

“This was an exciting project, as Gramor always constructs best of class properties with the right tenant mix and a long-term hold mentality,” Davidson said in prepared remarks. “The center had significant preleasing when we started the process 12 months ago, which really helped generate interest with the insurance company lenders.”

Completed only last year, Timberland Town Center is part of the 105-acre master-planned community at 230-250 NW Lost Springs Terrace and 11800-11835 NW Cedar Falls Drive. The seven-building community includes 1,100 residential units, a community garden, a future middle school, and three miles of walking trails. The 91,801-square-foot retail center is currently anchored by Market of Choice, a high-end grocer that offers natural, organic and local products at affordable prices.

Image courtesy of Gramor Development

Investors Continue to Take Notice of Pacific Northwest Growth

17 Sep 2015, 3:45 am

By Alex Girda, Associate Editor

The Pacific Northwest’s multifamily market continues to see activity, with a Tacoma-area multifamily property changing hands. Berkadia Senior Managing Director Kenny Dudunakis and Senior Director Jim Jensen of the company’s Seattle and Tacoma offices handled the transaction between buyer Hamilton Zanze & Co. and seller Bianco Properties. Acquisition financing of $19.8 million was arranged by Managing Director Clay Akiwenzie of Berkadia’s San Francisco office.

Apple Park

Apple Park

Apple Park Apartments is located at 3200 Capitol Mall Drive SW, roughly one mile away from the Capitol Village Shopping Center and a short distance away from downtown Olympia. Offering great proximity to State Route 101, the community is located in an area that features top employers such as the Washington State Department of Revenue, Thurston County Courthouse and Capital Medical Center. The 28-year-old asset offers residents an amenity package that includes a swimming pool, spa, clubhouse and fitness center.

Totaling 274 units, Apple Park is currently operating at around 95 percent occupancy. According to real estate research platform Yardi Matrix, the Seattle metro is one of the fastest-growing multifamily markets in the entire country, ranking behind only Portland, San Francisco, Denver and Sacramento in terms of year-over-year rent appreciation.

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