Multifamily Picks Up: TruAmerica Buys, Berkadia Finances Seattle Properties
- Apr 07, 2014
The Pacific Northwest saw an upswing in multifamily activity during the first quarter of 2014, with residential deals and projects taking center stage in a market that has been very focused on its office sector. The quarter finished with TruAmerica Multifamily acquiring a West Seattle residential complex through a partnership with Intercontinental Real Estate Corp. The buyers paid $27 million for the property as part a strategy of amassing a $1 billion real estate investment portfolio by next year.
The Westhaven Apartments complex is a 190-unit property totaling 150,100 square feet of space, located on a 6.9-acre lot. Available floor plans include one-, two- and three-bedroom units. The garden-style apartment complex is set to receive new, high-quality in-suite features including appliances, a state-of-the-art fitness facility, a modernized clubhouse and new pool-area furnishings. The property is located just six miles away from Seattle’s Central Business District. Westhaven’s unique style sets it apart from other residential properties in the area, making the investment an important addition to newly created TruAmerica’s portfolio. This is the company’s fifth acquisition, with its current investment total at $238 million, about a quarter of the way to its objective.
Meanwhile, the local office of Berkadia Commercial Mortgage recently completed funding an $11.8 million first mortgage for a SeaTac apartment property. The Sandpiper Apartment Homes is a 163-unit multifamily complex owned by Sandpiper Ventures LLC. Berkadia secured the 35-year, fixed-rate loan through HUD’s 223(f) program, a press statement shows.
Sandpiper Ventures will use the mortgage proceeds to refinance prior debt on the property, as well as to implement a series of improvements. The community will undergo complete kitchen and bathroom remodels in all 163 units, as well as add a number of energy efficiency enhancements to reduce energy and water consumption. The nine-acre property is located near an upcoming light-rail station, set to begin service in 2016. The resident amenity package at Sandpiper Apartment Homes includes fitness facilities, a common playground and a swimming pool.