Waterton Re-Enters Seattle with 155-Unit Buy
- Dec 22, 2014
Lynnwood, Wash.—Waterton Associates has re-entered the Seattle market with the purchase of Martha Lake Apartments, a 155-unit community located in the north suburban Lynnwood, Wash., about 15 miles northwest of downtown Seattle. The deal is the sixth completed by Waterton in 2014, and represents the first community community owned in the Seattle area since 2004.
“Seattle has been and will continue to be a target market for Waterton because of its strong demand drivers and high barriers to entry,” says Peter Kuzma, assistant vice president, acquisitions, at Waterton Associates. “Development has been concentrated in the urban core, which has created an opportunity to implement value-add programs in older, well-located suburban communities like Martha Lake where we’re able to achieve strong rent premiums.”
Kuzma adds that Waterton has plans for improvements in individual units and common areas. Units at the asset range from 600 to 1,109 square feet in size. Select units have wood-burning fireplaces, patios/balconies and vaulted ceilings.
ACR Multifamily brokers 344-unit sale in Austin
Austin, Texas—Investment brokerage firm ACR Multifamily has completed an off-market sale in which an undisclosed buyer from California purchased The Remington Apartment Homes, a 344-unit gated luxury community in northwest Austin.
“Despite the construction pipeline, absorption rates have been consistent with demand and will continue with the job growth Austin has to offer,” says David Kanne, senior associate in ACR Multifamily’s Austin office. Kanne worked alongside fellow senior associates Hector Granado and Scott Burns on the sale.
The 2007-built community was 98 percent occupied at sale. All units include black appliances, wood-like plank floors, custom blinds, full size washer and dryer and walk-in closets. Community amenities include a resort style swimming pool, business center, 24-hour fitness center, picnic/grilling stations and lounge areas with couches and flat-screen televisions.
NorthMarq arranges $11.094M 15-year construction loan from credit union
San Antonio—Bryan Leonard, managing director of NorthMarq Capital’s San Antonio based regional office, and Jamison Dove, investment analyst, arranged a construction loan totaling $11.09 million for Weslaco Ranch Apartments, a 156-unit multifamily property located in the Texas Rio Grande Valley.
The transaction, funded by a credit union, was structured with a 15-year year term with a two-year interest only period followed by a 25-year amortization schedule. Zapata Apartment Homes is the developer and will be breaking ground in January, 2015.
“This transaction was a great fit for both the borrower and the lender,” says Leonard. “Security Service is expanding its footprint in the Rio Grande Valley region of Texas and understands the local market and demand for housing. The borrower is local to the market, relationship orientated and appreciated the lender’s efficiency in underwriting and closing the transaction. The borrower received a competitively priced loan package for the construction of new institutional market-rate housing.”