Dylan Simon and Jerrid Anderson of Kidder Mathews, closed the sale of the East Highland Apartments for $5.6 million.
Seattle multifamily investment team, led by Dylan Simon and Jerrid Anderson of Kidder Mathews, closed the sale of the East Highland Apartments on Friday, December 20, 2019. The property, located in the vibrant north end of Capitol Hill in Seattle, sold for $5,600,000, or $467,000 per unit, and $617 per net rentable square foot.
East Highland Apartments (1903-1907 E Highland Drive, Seattle, WA 98112) comprises 12 units across two buildings. The property, constructed in 1928, has been meticulously maintained, exuding the classic character of the neighborhood’s brick buildings, with discerning updates such as modernized kitchens.
Spacious units, tranquil outdoor amenity spaces, and an unbeatable location among residential blocks just minutes from charming retail corridors along 15th Avenue East and 19th Avenue East make the East Highland Apartments a rare find for discerning Seattle renters.
Dylan Simon, executive vice president; Jerrid Anderson, executive vice president; and Matt Laird, senior associate, at Kidder Mathews’ Seattle office represented the seller, East Highland Apartments LLC.
JLL secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.
JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.
JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.
Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.
The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.
“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.
“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Dylan Simon and Jerrid Anderson of Kidder Mathews, closed the sale of the East Highland Apartments for $5.6 million.
Seattle multifamily investment team, led by Dylan Simon and Jerrid Anderson of Kidder Mathews, closed the sale of the East Highland Apartments on Friday, December 20, 2019. The property, located in the vibrant north end of Capitol Hill in Seattle, sold for $5,600,000, or $467,000 per unit, and $617 per net rentable square foot.
East Highland Apartments (1903-1907 E Highland Drive, Seattle, WA 98112) comprises 12 units across two buildings. The property, constructed in 1928, has been meticulously maintained, exuding the classic character of the neighborhood’s brick buildings, with discerning updates such as modernized kitchens.
Spacious units, tranquil outdoor amenity spaces, and an unbeatable location among residential blocks just minutes from charming retail corridors along 15th Avenue East and 19th Avenue East make the East Highland Apartments a rare find for discerning Seattle renters.
Dylan Simon, executive vice president; Jerrid Anderson, executive vice president; and Matt Laird, senior associate, at Kidder Mathews’ Seattle office represented the seller, East Highland Apartments LLC.
Cityview announced the sale of its equity share of The Pearl on Wilshire—a luxury mixed-use development in Los Angeles’ Koreatown. (Credit Guettler Photography)
Cityview, a premier urban multifamily investment management and development firm, today announced the sale of its equity share of The Pearl on Wilshire—a luxury mixed-use development in Los Angeles’ Koreatown. Cityview developed the 346-unit apartment community on land originally entitled by Hankey Investment Company and sold its interest to a group led by Hankey Investment Company for a total asset value of $170.87 million. The Pearl achieved lease-up in 10 months at above pro forma rents after opening to tenants in the summer of 2018.
“Cityview is proud to have executed on its business plan for The Pearl and we are confident the buyer group will ensure it continues its success as Koreatown’s market-leading community,” said Sean Burton, CEO of Cityview. “The community exceeded our lease-up expectations and was sold at a record-breaking price per square foot.”
Located at687 S. Hobart Blvd, the mixed-use development features 17 unique floor plans with a blend of studio, one- and two-bedroom units above 8,300 square feet of carefully curated retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings, oversized balconies and panoramic city views of Koreatown. An Orangetheory Fitness, Alchemist Coffee Project and The Carving Board artisan sandwich shop cater to residents and the community in the ground-floor retail portion of the building.
Community amenities include a large pool deck with cabanas and lounge seating, rooftop terrace with a fireplace and sweeping city views, Korean BBQ grills, game and club room, state-of-the-art fitness center with a yoga room and Fitness On-Demand, dog agility center and grooming spa, and three open-air lounges with firepits and a bocce ball court.
The Think Space conference room and 24-hour business center, with computers and printers, add extra conveniences for professionals working remotely. The Pearl’s lobby features an Uber/Lyft waiting area, complimentary Wi-Fi, charging stations, 24-hour concierge, secure fob entry access and a grab-and-go coffee bar. For the convenience of its residents, the community also coordinates lifestyle services such as dog walking, dry cleaning and housekeeping services.
“The Pearl stands apart with an exceptional contemporary aesthetic, distinct focus on healthful living, carefully curated amenity package and prime location,” added Burton. “Cityview and Hankey Investment Company are proud to be part of Koreatown’s revitalization with this development, bringing much-needed housing to one of the fastest-growing submarkets in Los Angeles.”
In 2019 the community was awarded the Kingsley Excellence Award, a recognition that distinguishes communities that outperform the Kingsley Index Industry benchmark for overall resident satisfaction. The Pearl is also pending Fitwel certification for its focus on residents’ health and wellbeing, as evidenced by its walk score of 97, convenient access to public transportation and large indoor bicycle storage facility.
Koreatown is known for its vibrant history, buzzing nightlife and rich food scene. Nearby attractions include The Wiltern, The Line Hotel, Korean American National Museum, CGV Cinemas Movie Theater and Pharaoh Karaoke Lounge.
Greg Harris of IPA represented Cityview in the transaction.
Dylan Simon and Jerrid Anderson of Kidder Mathews, closed the sale of the East Highland Apartments for $5.6 million.
Seattle multifamily investment team, led by Dylan Simon and Jerrid Anderson of Kidder Mathews, closed the sale of the East Highland Apartments on Friday, December 20, 2019. The property, located in the vibrant north end of Capitol Hill in Seattle, sold for $5,600,000, or $467,000 per unit, and $617 per net rentable square foot.
East Highland Apartments (1903-1907 E Highland Drive, Seattle, WA 98112) comprises 12 units across two buildings. The property, constructed in 1928, has been meticulously maintained, exuding the classic character of the neighborhood’s brick buildings, with discerning updates such as modernized kitchens.
Spacious units, tranquil outdoor amenity spaces, and an unbeatable location among residential blocks just minutes from charming retail corridors along 15th Avenue East and 19th Avenue East make the East Highland Apartments a rare find for discerning Seattle renters.
Dylan Simon, executive vice president; Jerrid Anderson, executive vice president; and Matt Laird, senior associate, at Kidder Mathews’ Seattle office represented the seller, East Highland Apartments LLC.
Dylan Simon and Jerrid Anderson of Kidder Mathews, closed the sale of the East Highland Apartments for $5.6 million.
Seattle multifamily investment team, led by Dylan Simon and Jerrid Anderson of Kidder Mathews, closed the sale of the East Highland Apartments on Friday, December 20, 2019. The property, located in the vibrant north end of Capitol Hill in Seattle, sold for $5,600,000, or $467,000 per unit, and $617 per net rentable square foot.
East Highland Apartments (1903-1907 E Highland Drive, Seattle, WA 98112) comprises 12 units across two buildings. The property, constructed in 1928, has been meticulously maintained, exuding the classic character of the neighborhood’s brick buildings, with discerning updates such as modernized kitchens.
Spacious units, tranquil outdoor amenity spaces, and an unbeatable location among residential blocks just minutes from charming retail corridors along 15th Avenue East and 19th Avenue East make the East Highland Apartments a rare find for discerning Seattle renters.
Dylan Simon, executive vice president; Jerrid Anderson, executive vice president; and Matt Laird, senior associate, at Kidder Mathews’ Seattle office represented the seller, East Highland Apartments LLC.
JLL secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.
JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.
JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.
Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.
The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.
“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.
“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
JLL secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.
JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.
JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.
Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.
The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.
“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.
“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
JLL secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.
JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.
JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.
Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.
The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.
“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.
“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Cityview announced the sale of its equity share of The Pearl on Wilshire—a luxury mixed-use development in Los Angeles’ Koreatown. (Credit Guettler Photography)
Cityview, a premier urban multifamily investment management and development firm, today announced the sale of its equity share of The Pearl on Wilshire—a luxury mixed-use development in Los Angeles’ Koreatown. Cityview developed the 346-unit apartment community on land originally entitled by Hankey Investment Company and sold its interest to a group led by Hankey Investment Company for a total asset value of $170.87 million. The Pearl achieved lease-up in 10 months at above pro forma rents after opening to tenants in the summer of 2018.
“Cityview is proud to have executed on its business plan for The Pearl and we are confident the buyer group will ensure it continues its success as Koreatown’s market-leading community,” said Sean Burton, CEO of Cityview. “The community exceeded our lease-up expectations and was sold at a record-breaking price per square foot.”
Located at687 S. Hobart Blvd, the mixed-use development features 17 unique floor plans with a blend of studio, one- and two-bedroom units above 8,300 square feet of carefully curated retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings, oversized balconies and panoramic city views of Koreatown. An Orangetheory Fitness, Alchemist Coffee Project and The Carving Board artisan sandwich shop cater to residents and the community in the ground-floor retail portion of the building.
Community amenities include a large pool deck with cabanas and lounge seating, rooftop terrace with a fireplace and sweeping city views, Korean BBQ grills, game and club room, state-of-the-art fitness center with a yoga room and Fitness On-Demand, dog agility center and grooming spa, and three open-air lounges with firepits and a bocce ball court.
The Think Space conference room and 24-hour business center, with computers and printers, add extra conveniences for professionals working remotely. The Pearl’s lobby features an Uber/Lyft waiting area, complimentary Wi-Fi, charging stations, 24-hour concierge, secure fob entry access and a grab-and-go coffee bar. For the convenience of its residents, the community also coordinates lifestyle services such as dog walking, dry cleaning and housekeeping services.
“The Pearl stands apart with an exceptional contemporary aesthetic, distinct focus on healthful living, carefully curated amenity package and prime location,” added Burton. “Cityview and Hankey Investment Company are proud to be part of Koreatown’s revitalization with this development, bringing much-needed housing to one of the fastest-growing submarkets in Los Angeles.”
In 2019 the community was awarded the Kingsley Excellence Award, a recognition that distinguishes communities that outperform the Kingsley Index Industry benchmark for overall resident satisfaction. The Pearl is also pending Fitwel certification for its focus on residents’ health and wellbeing, as evidenced by its walk score of 97, convenient access to public transportation and large indoor bicycle storage facility.
Koreatown is known for its vibrant history, buzzing nightlife and rich food scene. Nearby attractions include The Wiltern, The Line Hotel, Korean American National Museum, CGV Cinemas Movie Theater and Pharaoh Karaoke Lounge.
Greg Harris of IPA represented Cityview in the transaction.
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