American Realty Advisors Buys Two Seattle Assets
- Apr 09, 2012
Seattle—American Realty Advisors has acquired two newly-constructed communities in West Seattle’s Alaska Junction neighborhood. Both properties are located near public transportation and have views of the downtown skyline, the Cascade and Olympic mountain ranges, and Elliott Bay.
Built in 2011, Link Apartments is a 195-unit, mixed-use, mid-rise building with 17,116 square feet of fully-leased retail space. Mural Apartments is a seven-story, mixed-use, mid-rise building with 136 units and 5,275 square feet of fully-leased ground-level retail. It was constructed in 2009.
“The acquisition of Link and Mural represent the firm’s ongoing commitment to expanding our core portfolio with strategically-located well-designed and highly-functional multifamily investments that cater to the needs of the local tenant base,” says Kirk Helgeson, executive vice president and executive managing director at American Realty Advisors. “Because of the submarket’s increasing demand for high-quality amenity-rich assets, we anticipate that these assets will generate favorable returns for American’s clients.”
Archstone breaks ground on 157-unit development
Santa Clarita, Calif.—Archstone has begun construction on a new rental townhouse development in Santa Clarita, Calif., in a joint venture with Resmark Apartment Living. The 157-unit property is situated on a 12.5-acre site within a short commute of employment centers in San Fernando Valley and the greater Los Angeles Area.
“We are excited to partner with Resmark, a well-respected organization, to begin the development of another high-quality community in our largest market—Southern California,” says Neil Brown, chief development officer at Archstone. “As one of the largest owners and operators in the market, we believe Archstone Santa Clarita will be an excellent addition to the 55 communities and 18,570 units we already own and operate there.”
Each of the three-bedroom, 2.5-bathroom townhomes with feature two-car garages and high-end finishes. The community will also have a pool, yoga lawn, club lounge, business center, fitness room, barbecue area and playgrounds.
NorthMarq arranges $14.3M 7-year Freddie Mac loan
North Olmsted, Ohio—Sue Blumberg, senior vice president and managing director of NorthMarq’s Chicago Regional office, arranged first mortgage refinancing of $14.3 million for Butternut Ridge Apartments, a 261-unit 283,392-square-foot. multifamily property located at 5800 Great Northern Boulevard in North Olmsted, Ohio.
Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower, JVM Butternut Apartments L.L.C., by NorthMarq through its seller-servicer relationship with Freddie Mac.
“This is the nicest property in the North Olmsted Market. The deal was a 7-year capped ARM with an initial interest rate of 3.07 percent. The borrower has significant history with Freddie Mac and a strong competency of multifamily investments,” said Blumberg.