Sack Properties Acquires Seattle-Area Apartments
- Dec 02, 2020
Real estate investment and management firm Sack Properties has acquired the Chateau Woods apartment community in Woodinville, Wash. Constructed in 2008, Chateau Woods is a condominium-quality apartment community featuring 59 one-bedroom and 55 two-bedroom apartments, with the residences in total averaging 978 square feet in size.
Sack Properties was represented by the Pacific Northwest Institutional Property Advisors team of Giovanni Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske. JLL Capital Markets Senior Managing Director Charles Halladay, Senior Managing Director Peter Smyslowski, Managing Director Chris Gandy and Analyst Matt Cimino led financing.
Units feature new carpets, double sinks, large patios, and linen, pantry, coat and walk-in closets. Outdoor courtyards with dining and barbecue areas are among leading amenities.
“The limited transaction volume in the market provided few relevant data points, which required gaining conviction through deep expertise of this market through cycles,” David Feinberg, CIO of Sack Properties, told Multi-Housing News. “As for closing the transaction, this was the up-leg of a 1031 exchange, and the sale-purchase timelines required synchronous movement to minimize risk of a bad exchange on a tight deadline.”
The apartment community is located near the region’s technology employment centers, among them Bellevue, Redmond, Kirkland and Seattle. Nearby employers include Google, Amazon, Microsoft and Facebook. All these employers are growing their physical footprint on the Eastside. Notably, Amazon recently announced its intention to build Headquarters 3 in Bellevue, and staff the location with 22,000 employees within the next half decade.
The acquisition of the Energy Star-certified apartment community is Sack’s third transaction in the last 18 months on Seattle’s Eastside. The acquisitions reflect Sack’s investment philosophy of owning and operating in high-quality Western U.S. submarkets, and pursuing a formula of excellent location, newer product and growth opportunity. In October, an item on apartment community amenities made mention of a Woodinville-based fitness equipment maker.