Multifamily news in Operations - Seattle

  • Pinnacle to Manage Seattle Luxury Asset

    The 79-unit community is under construction and will soon begin pre-leasing.

  • Boston Capital Invests in Affordable Community in Seattle

    Boston Capital is investing in the groundbreaking of workforce housing.

  • Enterprise Community Investment Marks 2,000th LIHTC Investment

    Cheryl Chow Court, located in the Ballard neighborhood of northwestern Seattle, offers 50 studio and one-bedroom affordable apartments for formerly homeless and low-income seniors in an area undergoing a boost in development of luxury, market-rate apartments.

  • PM Hospitality Set to Operate New Portland Hotel, Part of Hilton’s Most Recent Brand

    The growing appeal of the Pacific Northwest means that more companies are looking to establish a presence in the region. Hospitality has been a huge component in the conversation regarding major cities in the area, such as Seattle and Portland. The two largest cities in the Pacific Northwest are currently both looking for options to increase the amount of convention space and the number of rooms that could accommodate the growing amount of tourists and business travelers. The latest hospitality company announcing an expansion in the area is PM Hospitality Strategies, Inc., with the company being selected to operate a new Canopy by Hilton facility in Portland’s Pearl District.

  • Newport Crossing Community in Newcastle Sold by Security Properties

    The Newport Crossing residential community in Newcastle, WA, was recently sold by owner Security Properties Inc. in a deal worth a reported $38.8 million. The company unloaded the community through its Security Properties Multifamily Fund, at a substantial hike from the fee that the multifamily real estate owner acquired the asset back in 2012, $30.35 million. The increase in transaction value was not only the result of the improving real estate market of the Pacific Northwest, but also of a value-add renovation program carried out at the property.

  • Portland’s Block 300 Receives LEED Gold Certification as Leasing Continues at Newly Renovated Asset

    Block 300 in Portland, one of the most high-profile office properties in the Pacific Northwest city has recently completed a major milestone. The property was awarded with LEED Gold certification for Existing Buildings: Operations & Maintenance by the United States Green Building Council. The certification is a result of the recent modifications brought to the asset, a recent renovation process having been carried out at the facility by the owning joint venture between JPMorgan, Starwood Capital Group, and Kaufman Jacobs.

  • Bristol I at Southport Scores $27.6M Loan Arranged by Johnson Capital

    Johnson Capital recently completed a financing deal for an apartment complex in Renton, Washington. The company has provided a loan worth $27.6 million for the Bristol I at Southport community, a residential property completed back in 2002. Amos Smith and Sea Skelton, currently with Johnson Capital’s Irvine, CA office worked on behalf of the property owner to arrange the financing for the asset.

  • HFF, Berkadia Complete Financing Deals for Pacific Northwest Properties

    Pacific Northwest property owners and real estate investors are completing financing deals for properties as the area continues to develop, in an attempt to boost their chances at securing promising properties, or improving assets in their existing portfolios. Berkadia Commercial Mortgage LLC and Holiday Fenoglio Fowler LLC both arranged financing deals for properties in Seattle and Portland respectively.

  • Multifamily Picks Up: TruAmerica Buys, Berkadia Finances Seattle Properties

    The Pacific Northwest has seen an upswing in activity in its multifamily market during the first quarter of 2014, with residential deals and projects taking the center stage in a market that was very focused on its office sector. This past week has seen TruAmerica Multifamily acquire a West Seattle residential complex, part of a partnership with Intercontinental Real Estate Corporation. The buyer paid a fee of $27 million for the Westhaven Apartments. The move is part of the investor’s strategy of amassing a $1 billion real estate investment portfolio by the following year.

  • Hudson Pacific Agrees to $57M Fee for Merrill Place in Off-Market Transaction

    A purchase agreement for an office and retail asset in Seattle’s Pioneer Square submarket was recently struck between buyer Hudson Pacific Properties and a joint venture between Angelo Gordon, Nitze-Stagen and Mile Rock Capital. According to a recently released press statement, the off-market transaction will have a value of approximately $57.7 million. That same statement pegged the closing date for the deal sometime next month.

  • Yesler Terrace Redevelopment Finally Launches with Green Light for First Private Project

    One of the most ambitious neighborhood revitalization projects in the entire city of Seattle is finally seeing plans come through as the first private residential project in the community is set to break ground. Spectrum Development Solutions, one of the companies tasked with the repositioning of Seattle’s Yesler Terrace, has been given the green light for its Anthem multifamily project. Still dominated by its history as one of the public housing districts built during World War II, Yesler Terrace is set to become a greatly updated and augmented living community.

  • Vulcan Moves Ahead on Cascade, South Lake Union Projects

    By Alex Girda, Associate Editor Making the latest additions to its prolific Seattle development portfolio, Vulcan Real Estate recently kicked off construction of two major residential projects and the conversion of an historic building. Last month Vulcan broke ground on Stack House (pictured below), a 278-unit residential complex that will occupy an entire block in the Cascade neighborhood.  Named [...]

  • Invesco Snaps Up 1218 Third Avenue; Bullit Center Pushes the Green Envelope

    By Alex Girda, Associate Editor  “An office deal a week” seems to be Seattle’s new mantra these days as investment sales get in gear for autumn. The most recent property to take the spotlight is the 82-year-old Art Deco landmark located at [...]

  • “Living Building” Eyed for Fremont; First & Stewart Trades for $30M

    By Alex Girda, Associate Editor Attracting tenants in Seattle’s competitive office market requires owners and developers to raise their games a notch. Sustainable practices are a Seattle trademark, so some developers are seeking new ways to make their properties attractive to [...]

  • South Lake Union’s Surge Fuels Falling Office Vacancy

    By Alex Girda, Associate Editor  So many technology firms have flocked to Seattle’s South Lake Union neighborhood of late that tracking them is now a distinct challenge. In a sign of the times, Kidder Matthews senior vice presidents Bill Neil and [...]