Vulcan Completes Another South Lake Union Sale
- Feb 16, 2015
Seattle—Vulcan Real Estate has let go of another one of its developments in the South Lake Union neighborhood of Seattle. Last week, the Seattle-based diversified investor and developer announced the sale of its 209-unit, condo-spec apartment asset known as Rollin Street Lofts. This week, it’s the Stack House Apartments and the Supply Laundry Building. J.P. Morgan Asset Management bought the full-block development that is bordered by Yale and Pontius avenues to the east and west, and Republican and Harrison streets to the north and south. CBRE brokered the transaction.
Stack House features 278-units in two seven-story buildings. The 109-year-old Supply Laundry Building is a 34,000-square-foot historic brick structure that has been converted to office and restaurant space. Stack House buildings have earned LEED for Homes Platinum certification. The Supply Laundry Building is targeting LEED Gold certification and is listed on the National Register of Historic Places. Commercial tenants include Amazon, Rigolette and Metropolitan Café and Deli.
Vulcan plans to invest fund from the sale into development and land/value-add investments in the region.
Luxury New Jersey asset trades for $36M
Rahway, N.J.—The 168-unit apartment asset known as River Place at Rahway has traded hands for $36 million. Gebroe-Hammer Associates represented both the seller and buyer in the transaction.
The 2005-built community features 60 one-bedroom units and 76 two-bedroom units. Amenities include a fitness center, media room, outdoor courtyard and attached garages. The community last sold in 2011.
Hunt Mortgage refinances two multifamily properties
New York—Hunt Mortgage Group announced it provided two Fannie Mae loan facilities to refinance two multifamily properties located in Arizona. The loan term for both facilities is 10-years with a 30-year amortization schedule. The properties include:
- Pinchot Towers Apartments. Hunt Mortgage Group provided a $2.4 million loan facility to refinance Pinchot Towers Apartments, a multifamily community located at 3211 E. Pinchot Avenue in Phoenix, Ariz. Built in 1972, and acquired by the Borrower in 2012, the property is currently 96 percent occupied. The property houses a total of 104 units. Robert Hodge of Marcus & Millichap Capital Corp. brought the deal to Hunt.
- Valley Apartments. Hunt Mortgage Group also provided a $2 million loan facility to refinance Valley Apartments, a multifamily community located at 2807 South 12th Avenue in Safford, Arizona. Built in 1974, and acquired by the Borrower in 2000, the property is currently 93 percent occupied. Valley Apartments is a garden-style multifamily community comprised of seven one-story apartment buildings totaling 56 units. Property amenities include a gazebo area with two barbeque grills.