Essex Buys Two Seattle Area Communities
- Sep 27, 2011
Redmond and Seattle, Wash.—Essex Property Trust has purchased nearly 1,000 apartments in the Seattle area with two recent transactions. The larger of the two was the joint venture acquisition of Redmond Hill, an 882-unit community, with Wesco LLC for $151.3 million. The asset, which is comprised of four apartment communities, was bought from Archstone.
Essex plans to renovate each of the four properties and will run the site as two separate communities. The acquisition was partially financed with two 10-year loans secured by Wesco that total $97.1 million. The financings are secured by Redmond Hill at a fixed rate of 4 percent.
The second part of the two piece investment was The Bernard, a 63-unit community located in the Lower Queen Anne district of Seattle, which Essex was able to pick up for $13.8 million. The company took on a $9.4 million loan secured by the property at a fixed rate of 6.1 percent. The Bernard has a mix of studio, one-bedroom and live/work floor plans.
Behringer Harvard picks up a 132-unit Bay Area community
Concord, Calif.—Behringer Harvard has acquired Renaissance, a 132-unit luxury community located in Concord, Calif., about 30 miles east of San Francisco. The asset was picked up in a joint venture partnership with PGGM Private Real Estate Fund. The 2008 built community also includes an adjacent 2.7-acre land parcel for future development.
“With outstanding amenities and an exceptional location near major traffic arteries and public transit options, Renaissance has enjoyed strong demand from young professionals working in the East Bay area and those commuting to major employment centers in San Francisco and Oakland,” says Mark Alfieri, chief operating officer at Behringer Harvard.
The condo quality units at Renaissance average 1,179 square feet each in size. Community amenities include a pool with spa and sundeck, a fitness center, lounge with fireplace and kitchen, a barbecue area, and a business center. The community is within walking distance from major employment centers, including the Bank of America campus and other businesses at the 1 million-square-foot Concord Tech office park.
NorthMarq arranges $32M mortgage through New York Life
Miami Lakes, Fla.–Jeff Robertson, senior vice president and managing director of NorthMarq Capital’s Miami Regional office, arranged first mortgage financing of $32 million for The Graham Companies apartment portfolio in Miami Lakes, Fla. The portfolio consists of 464 multifamily units.
Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, The Graham Companies, by NorthMarq through its relationship with New York Life Insurance Company.