Strata Wins Financing for Major Seattle-Area Apartment Acquisitions
- Dec 04, 2015
By Dees Stribling, Contributing Editor
Seattle—Strata Equity Group has obtained more than $100 million to finance its acquisition of a 1,041-unit multifamily portfolio in northern Seattle from an undisclosed seller. CBRE Capital Markets’ Debt & Structured Finance group arranged five separate loans to facilitate the deals.
All five properties were built between 1986 and 1991 and feature common amenities such as clubhouses and fitness centers, and four of the properties also include pools, spas and playgrounds. The properties will undergo renovations to improve both resident amenities and interior unit finishes, according to Strata.
“These assets will provide sound alternatives for the region’s middle-income residents, a demographic that’s severely challenged for housing options,” said Scott Wittman, director of investments, Strata. The company, based in San Diego, is a privately held investor.
Four of the properties are within five miles of Boeing’s Everett Factory (pictured) in Everett, Wash., which is the region’s largest employer and is undergoing a large expansion. The other property is in Lynwood, which is about 16 miles north of downtown Seattle.
Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the 10-year loans with full-term interest-only through Freddie Mac. The portfolio increases Strata’s unit count in the Pacific Northwest to more than 1,200, both in the Portland and Seattle MSAs. Earlier this year, the company acquired a 12-property, 4,635-unit multifamily portfolio in Texas and other states from Blackstone Real Estate Partners VII.