CBRE Brokers Sale, Financing of 171-Unit Affordable Asset
The Seattle-area community traded for $18.9 million. Tim Flint worked on behalf of the seller in the transaction, while Jim Flinn secured acquisition financing.
CBRE Affordable Housing has arranged the sale and financing of Ventana, a 171-unit affordable property in Kent, Wash. Peak Capital Partners puchased the asset for $18.9 million. Tim Flint, senior vice president at CBRE Affordable Housing, represented the seller, Ridgeview Partners LP. Jim Flinn, also senior vice president within the company, obtained $15.1 million in Freddie Mac acquisition financing with a 10-year floating rate loan.
Located at 329 Ridgeview Drive in Kent Valley, Ventana is within a 25-minute drive of Seattle. According to Yardi Matrix data, the property features a mix of studios, one- and two-bedroom units, ranging in size between 455 and 986 square feet. Amenities include:
- fitness center
- swimming pool
- basketball court
- volleyball court
- 342 parking spaces
“Peak Capital was looking for prepayment flexibility and we were able to provide that with an attractive Freddie Mac 10-year adjustable rate mortgage that will be open to prepayment after just one year at one percent,” said Flinn, in prepared remarks.
A Low-Income Housing Tax Credit regulatory agreement is keeping all nine buildings of the property affordable to residents earning below 60 percent of the area’s median income. At the beginning of this year, CBRE Affordable Housing also arranged the sale of Ashton Heights, a 294-unit affordable housing community in Roanoke, Va.
Image courtesy of CBRE