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Prime Residential Acquires Two Seatac Residential Communities, Breaks South King County Record for Per-Unit Price

21 Oct 2014, 1:09 am

By Alex Girda, Associate Editor

While the city of Seattle has held the spotlight for its residential deals, records seem to be falling elsewhere in King County. The current per-unit record fee in South King County was recently shattered, as the 140-unit Belvedere Apartments community was acquired by Prime Residential for $28 million, or $200,000 per unit.

The company also recently announced the acquisition of the Aspens at Ridgeview, for a fee of around $29 million. The combined total for the two acquisitions stands at $57 million. Both deals were listed and brokered by Matthew Balkman, David Chapman and David Mortensen of Turning Point Realty Advisors in Kirkland, Wash.

Located in the South King County city of Seatac, the two properties were built by Polygon Northwest during the past four years and add 308 units to Prime Residential’s Pacific Northwest residential portfolio. The communities, acquired from two separate entities, are located close to each other, and as a result will be operated by Prime Residential as one single residential community that will be renamed Belvedere at Aspen Heights. According to John Adair, a principal with Prime Residential: “We were attracted by its combination of modern unit finishes, appealing common amenities and excellent access to the growing number of high-quality employers in the area.”   

Prime Residential set a new record for per-unit prices in South King County, currently even outpacing the projected median price for metro Seattle. According to real estate data provider Marcus & Millichap Real Estate Investment Services, the median per-unit price in the Seattle metropolitan area stands at around $153,000 per unit.

440-Unit Arbor Creek Property in Beaverton Trades Hands

11 Oct 2014, 6:04 am

By Alex Girda, Associate Editor

Arbor Creek, a large multifamily property in Beaverton, Ore., recently traded hands. The new owner is Jackson Square Properties, an entity that acquired the residential asset from seller Holland Partner Group in a transaction that was arranged by commercial real estate and capital markets service provider HFF. The HFF investment sales team that arranged the deal was led by director Ira Virden and associate director Kerry Hughes. Financial terms of the agreement were not released.

Located at 3280 SW 170th Ave., the residential community occupies about 22 acres. The 440-unit asset is located just 1.5 miles away from Nike World Headquarters, and 10 minutes away from the Intel Ronler Acres Campus and other major employers. The residential units at Arbor Creek have an average size of 768 square feet and are available in one- and two-bedroom floorplans. The property was renovated just last year and offers an amenity package including a swimming pool, spa, fitness center, basketball/sport court, indoor racquetball court, playground, clubhouse and business center.

Seller Holland Partner Group is a Vancouver, Wash.-based, fully integrated real estate investment company with an asset management and development portfolio of around $7.5 billion. Last year’s combined business volume stood at more than $1 billion. Buyer Jackson Square Properties is a privately held company out of San Francisco that specializes in capitalizing value-add real estate throughout the country. Over the last four years, JSP has acquired more than 13,500 residential units.

Compass Housing Alliance Set to Hold Opening of Compass on Dexter Affordable Housing Development

6 Oct 2014, 4:45 am

By Alex Girda, Associate Editor

The latest affordable housing project by Compass Housing Alliance is ready for its official opening. The developer’s new Compass on Dexter affordable community is targeting formerly homeless and low-income households to provide permanent living arrangements. The Compass on Dexter development project is located in the bustling Seattle neighborhood of South Lake Union, one of the primary areas that have created growth for the local multifamily market in recent years.

Built at 756 John St. in SLU, the community will feature a total of 72 units that will be distributed to families making various levels of income. Of the units, 41 will be subsidized by the Seattle Housing Authority, with residents paying a rent equal to 30 percent of their actual income for rent and utilities. In order to be eligible for one of these units, applicants must provide documentation proving that they make below 30 percent of the King County area median income and qualify as homeless or at-risk of homelessness.

The remaining units will include 13 rental apartments directed toward families that are currently homeless or at risk of homelessness. Rent rates for those will be $545 for a one bedroom and $635 for a two bedroom. The other 18 units will be available for households that earn at or below 50 percent of the King County area median income. Rent rates for the one-bedroom units will stand at $792.

Compass on Dexter will also include a resident amenity package that features a common laundry room on each residential floor, common areas, a children’s play room, an internal courtyard, a children’s play structure and on-site management in a restricted-access building. Rents include water, sewer, garbage and Internet access, with residents responsible for all electrical fees, including heat. No on-site parking is available to residents at the property, and smoking is prohibited with the exception of an outdoor smoking area.

Image courtesy of compasshousingalliance.org


JB Matteson Acquires Northshore Townhomes in Kenmore in $22M Deal

29 Sep 2014, 4:08 am

By Alex Girda, Associate Editor

A rental condominium property in Kenmore, Wash., is the latest asset to become part of JB Matteson’s shopping spree on the West Coast. The San Mateo, Calif.-based private real estate investment manager recently acquired the Northshore Townhomes from seller Grosvenor Americas USA for $22.1 million. The third multifamily asset the company has acquired during the past few years, it joins the Langara Apartments in Issaquah and the Greenhouse Apartments in Seattle. The transaction was arranged by a CBRE team.  

The 86-unit Northshore Townhomes is located at 7000 NE 186th Place near the northern tip of Lake Washington in Kenmore. The rental condominium units are divided into 11 different buildings, which feature two- and three-bedroom townhomes averaging 1,446 square feet. Northshore Townhomes also offers a parking component in a mix of private garages, carports and open stalls that can accommodate as many as 125 vehicles. The property is located in a neighborhood that features a number of desirable dining venues, as well as a highly recognized school district. The city of Kenmore also offers proximity to local and state parks.

The units of the Northshore Townhomes offer large floor plans, condo-level finishes and amenities such as high ceilings, washer/dryers in every unit, granite countertops and stainless steel appliances in kitchens, and hardwood floors. A landscaped central courtyard with a gazebo, BBQ area, dog run and playground are also part of the mix. Townhomes offer residents private one-, tandem- or two-car garages with direct access to the units. According to John Bellack, president of JB Matteson Inc., the property “fits within our strategy of acquiring new, high-quality multifamily properties in major metropolitan areas,” likening the property to the company’s other Seattle-area assets.

The Studios Center for the Performing Arts Set for October Opening in Downtown Seattle

21 Sep 2014, 5:34 am

By Alex Girda, Associate Editor

The Seattle arts scene is set to be expanded, as a new performing arts center is ready for an upcoming opening. The Studios Center for the Performing Arts is the result of the work carried out by Ryan and Shanna Waite, a Seattle-based couple with an interest in the area. The two are set to open the doors of the brand-new facility at 1801 Fifth Ave. in a century-old building next month.

Set to open on Oct. 6, the Studios Center for the Performing Arts will offer a total of approximately 10,000 square feet of space divided into a number of studios that will accommodate performance shows. The facility will also include large spaces in which performers will practice, rehearse, create and learn. The currently under-development center is spread out over two floors of the building and features 20-foot ceilings, 10-foot mirrors and great lighting.

According to the Puget Sound Business Journal, the performing arts center will offer as many as five on-site pianos and a recording studio with full video and audio capacity, located in a former vault of the Washington Mutual bank, an entity that occupied the space years ago. A wireless audio system and sprung dance floors will provide an optimal space for performers. The center will be available to rent, with a number of companies already expressing their wish to use the space for their employees, PSBJ noted. The faculty at the Studios Center will feature more than 45 instructors specializing in the fields of acting, dance and music.

Logo courtesy of The Studios Center official Facebook page

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