ASB Acquires Class A Seattle Apartments for $90M
- Apr 02, 2015
Seattle—After completing separate transactions, ASB Real Estate Investments announced the acquisition of two new Class A rental apartment buildings in the burgeoning Capitol Hill neighborhood for $90 million, the company’s first investments in the Seattle market. ASB made the purchases on behalf of its Allegiance Fund, a $5 billion core investment vehicle.
Located within three blocks of each other in the highly walkable Pike-Pine corridor just east of downtown, the two buildings were completed last year and have leased up quickly, benefiting from demand in a convenient 24-hour neighborhood with scores of restaurants and stores as well as proximity to numerous modes of mass transit with direct access to key employment hubs.
The two properties are:
-REO Flats (1525 14th Avenue), a seven-story, residential building with 108 units, which is 94 percent leased. Apartments offer high-end finishes, open floorplans with floor-to-ceiling windows, a rooftop deck, an on-site fitness center, and skyline views. The property also includes 7,241 square feet of retail space which is 100% leased to two restaurants, a coffee shop, and a sustainable toxin-free dry cleaner. ASB purchased the property from a joint venture of Madrona Real Estate and Glenmont Capital Management.
-Sunset Electric (1111 East Pine St.), a LEED Platinum-certified, seven-story building with 92 apartment units, which is 98 percent leased. The residences feature high-end finishes, open floorplans with expansive windows, a rooftop deck, an open courtyard and skyline views. The building also includes nearly 6,000 square feet of retail, which is 100% leased to a popular restaurant. The seller was the Wolff Company.
Oakwood Worldwide Nabs Luxury Bay Area Asset
Redwood City, Calif.—Oakwood Worldwide has acquired a newly-built, 141-unit luxury community in on the San Francisco Peninsula for $84 million from seller Summerhill Apartment Communities. IPA, a division of Marcus & Millichap, brokered the sale of The Lane on the Boulevard, which is located at 2580 El Camino Real in Redwood City, Calif.
The asset features one- and two-bedroom apartment homes that average 765 square feet. The amenity package includes a fitness studio, a social lounge with a chef’s kitchen, a swimming pool and spa, an outdoor lounge with fireplace, outdoor grilling stations, bicycle storage and a five-level concrete parking structure.
ARA Newmark closes two sales
Atlanta—ARA Newmark has closed the sale of two garden-style communities in suburban Atlanta for $22 million. ARA Newmark vice chairman John Weber, executive managing Director Bill Shippen and managing director Chad DeFoor represented the seller, Dallas-based The Milestone Group, in both transactions.
Atlanta-based Mesa Capital purchased the 236-unit, 96 percent occupied Villas at Indian Trail in Lilburn, Ga., for $14.3 million.
Gastonia, N.C.-based Triangle Real Estate purchased the 156-unit, 98 percent occupied Shannon Chase in Union City, Ga., for $7.3 million.