German Investor Acquires The Station at Othello Park for $75M; Portland-Area Apartment Complex Trades Hands in HFF-Arranged Deal
- Jul 28, 2014
The Pacific Northwest’s residential market continues to see a large amount of interest from investors. Last week, a transit-oriented community in South Seattle and a garden-style apartment complex in Clackamas, near Portland, traded hands in deals worth a combined $90 million.
Universal Investment, an entity based in Frankfurt, Germany, paid $74.8 million for The Station at Othello Park. The seller was a partnership of USAA Real Estate and local developer Steven Rauf. The 351-unit property is located in South Seattle, at 4219 S. Othello St. near Sound Transit’s Othello Link light-rail station. The Station is a transit-oriented residential community that offers a complete resident amenity package, including retail, a common courtyard with a garden, a community room, a fitness facility, an art & grand staircase, as well as a skydeck with 360-degree views of nearby Mt. Rainier.
Meanwhile, in Clackamas, Oregon, Wood River Properties sold Sunnyside Place, a garden-style community, to buyer Hamilton Zanze for $14.1 million. The deal was arranged by an HFF team including director Ira Virden and senior real estate analyst Kerry Hughes. Financing for the acquisition was also provided by a team of HFF representatives led by managing director Tom Wilson and director Charles Halladay. The debt placement team arranged $10.58 million via a floating- to fixed-rate acquisition loan through Freddie Mac’s CME Program. HFF will service the securitized loan through its Freddie Mac Program Plus Seller/Servicer program.
Located at 13300 SE 122nd Ave. on a 5.97-acre site, Sunnyside Place offers one-, two- and three-bedroom units, with an average size of 1,025 square feet. At the time of the transaction, the 108-unit property had an occupancy rate of 95.4 percent. The resident amenity package at the property includes a swimming pool, hot tub, fitness center, playground and common clubhouse.
Image courtesy of thestationatothellopark.com