“The Summit is an excellent value-add opportunity located in one of the most sought-after submarkets on the Eastside,” said Philip Assouad, IPA senior managing director. “Major tech employers are expanding nearby, creating strong renter demographics and opportunities for future revenue growth.” Assouad, Giovanni Napoli, Ryan Dinius, and Sidney Warsinske of IPA represented the seller, Coast Equity Partners, and procured the buyer.
Constructed in 1981 on just under four acres, The Summit is minutes from Redmond’s downtown, Redmond Town Center, a mixed-use development and shopping center, and Marymoor Park. Highway 520 and Interstate 405 are within minutes and provide access to Microsoft, Amazon, Google, Facebook, and DigiPen.
“The Summit is an excellent value-add opportunity located in one of the most sought-after submarkets on the Eastside,” said Philip Assouad, IPA senior managing director. “Major tech employers are expanding nearby, creating strong renter demographics and opportunities for future revenue growth.” Assouad, Giovanni Napoli, Ryan Dinius, and Sidney Warsinske of IPA represented the seller, Coast Equity Partners, and procured the buyer.
Constructed in 1981 on just under four acres, The Summit is minutes from Redmond’s downtown, Redmond Town Center, a mixed-use development and shopping center, and Marymoor Park. Highway 520 and Interstate 405 are within minutes and provide access to Microsoft, Amazon, Google, Facebook, and DigiPen.
JLL raised capital totaling $43.5 million for the development of Infinity Shore Club Residences, a 40-unit residential project in Seattle, Washington.
JLL announced today that it has raised capital totaling $43.5 million for the development of Infinity Shore Club Residences, a 40-unit, luxury, for-sale residential project in the desirable Alki Beach neighborhood of Seattle, Washington.
JLL worked on behalf of the developer, Vibrant Cities, to secure the construction financing through Man Group’s private markets investment manager, Man GPM, and Urbanite Capital.
Infinity Shore Club will comprise a mix of 40 one-, two- and three-bedroom waterfront homes averaging 1,553 livable square feet situated above a two-level, sub-grade parking garage. Located at 1250 Alki Avenue SW on the tip of the Duwamish Head of Alki Beach, the waterfront property provides unobstructed views of Elliott Bay, the Olympic Mountains and city views. The six-story project will also offer residents walking distance access to sandy Alki Beach, the West Seattle water taxi and direct access to public transportation to the downtown employment core. Due for completion in 2021, the project will feature an infinity pool that gives the appearance of water flowing from the integrated hot tub to the cool pool and down to a waterfall into the Puget Sound. Other amenities will include a rooftop deck with fire pit, sun deck and outdoor grilling/dining; large water-facing balconies with NanaWall technology in all homes; and eco-friendly, modern finishes, including LED lighting and high-end German-crafted appliances.
“The sleepy Seattle that I’ve called home since 1982 has evolved into the sleepless, fast-growth city that is home to global corporate giants and thousands of smaller tech and non-tech companies,” said James Wong, CEO of Vibrant Cities. “Infinity Shore Club is a one-of-a-kind waterfront project that will further lift Seattle’s reputation as a world-class city.”
“We’re grateful to partner with the team at JLL and our investors to make the dream of Infinity a reality,” added Ming Fung, co-founder and CFO of Vibrant Cities. “Having experienced other world-class cities like Hong Kong, Shanghai and Vancouver, we are honored to bring Infinity’s unmatched luxury to Seattle.”
The JLL Capital Markets team representing Vibrant Cities was led by Brandon Roth and Zack Goodwin, who have completed multiple projects with Vibrant.
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 raised capital totaling $43.5 million for the development of Infinity Shore Club Residences, a 40-unit residential project in Seattle, Washington.
JLL announced today that it has raised capital totaling $43.5 million for the development of Infinity Shore Club Residences, a 40-unit, luxury, for-sale residential project in the desirable Alki Beach neighborhood of Seattle, Washington.
JLL worked on behalf of the developer, Vibrant Cities, to secure the construction financing through Man Group’s private markets investment manager, Man GPM, and Urbanite Capital.
Infinity Shore Club will comprise a mix of 40 one-, two- and three-bedroom waterfront homes averaging 1,553 livable square feet situated above a two-level, sub-grade parking garage. Located at 1250 Alki Avenue SW on the tip of the Duwamish Head of Alki Beach, the waterfront property provides unobstructed views of Elliott Bay, the Olympic Mountains and city views. The six-story project will also offer residents walking distance access to sandy Alki Beach, the West Seattle water taxi and direct access to public transportation to the downtown employment core. Due for completion in 2021, the project will feature an infinity pool that gives the appearance of water flowing from the integrated hot tub to the cool pool and down to a waterfall into the Puget Sound. Other amenities will include a rooftop deck with fire pit, sun deck and outdoor grilling/dining; large water-facing balconies with NanaWall technology in all homes; and eco-friendly, modern finishes, including LED lighting and high-end German-crafted appliances.
“The sleepy Seattle that I’ve called home since 1982 has evolved into the sleepless, fast-growth city that is home to global corporate giants and thousands of smaller tech and non-tech companies,” said James Wong, CEO of Vibrant Cities. “Infinity Shore Club is a one-of-a-kind waterfront project that will further lift Seattle’s reputation as a world-class city.”
“We’re grateful to partner with the team at JLL and our investors to make the dream of Infinity a reality,” added Ming Fung, co-founder and CFO of Vibrant Cities. “Having experienced other world-class cities like Hong Kong, Shanghai and Vancouver, we are honored to bring Infinity’s unmatched luxury to Seattle.”
The JLL Capital Markets team representing Vibrant Cities was led by Brandon Roth and Zack Goodwin, who have completed multiple projects with Vibrant.
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.
Mesa West Capital funded Rise Properties Trust and Cigna Investment Management with $52 million for the acquisition of a multifamily building in Seattle
Mesa West Capital has provided the joint venture of Rise Properties Trust and Cigna Investment Management with $52 million in first mortgage debt for the acquisition and repositioning of a 131-unit multifamily building in Seattle, WA.
The five-year, non-recourse financing is secured by Joseph Arnold Lofts, a 12-story apartment building located at 62 Cedar Street in Seattle’s Belltown neighborhood, one block from the redeveloping Seattle waterfront. The property is within walking distance to Pike Place Market, the Seattle Center and the popular 2nd Avenue retail district.
Built in 2013 “The Joe,” features a mix of studio, one- and two-bedroom apartment homes with condo quality finishes. The development’s concrete and steel construction provides for floor-to-ceiling windows and ceiling heights up to 13 feet. The amenity-rich property includes a studio apartment guest suite, fitness center, business center, tenant lounge and rooftop deck with barbecues, fire pit and outdoor seating areas.
While in excellent condition, the sponsor will undertake a moderate renovation program as units roll. The bulk of the improvements will be focused on the common areas which will include upgrading the existing fitness center, rooftop deck enhancements, upgrades to the resident lounge/game room, improvements to the lobby and common areas, and adding new landscaping to improve the overall resident experience.
“Joseph Arnold Lofts is a unique, top quality apartment building in a very desirable neighborhood in downtown Seattle. The sponsor’s planned improvements will enhance the resident experience and ensure the Property remains competitive as a top-tier apartment project in the market for years to come,” said Mesa West Capital Director Joshua Westerberg who originated the financing and runs the firm’s San Francisco office. “By self-managing the property and leveraging their local expertise in the market, we believe the sponsor will be able to achieve significant operational savings and optimize occupancy,” said Westerberg.
Rise, a private, open-ended Canadian REIT, focuses on multifamily investment in the Pacific Northwest. Through Thrive, its property management arm, Rise manages nearly 3,000 multifamily units in the Seattle area.
Mesa West Capital funded Rise Properties Trust and Cigna Investment Management with $52 million for the acquisition of a multifamily building in Seattle
Mesa West Capital has provided the joint venture of Rise Properties Trust and Cigna Investment Management with $52 million in first mortgage debt for the acquisition and repositioning of a 131-unit multifamily building in Seattle, WA.
The five-year, non-recourse financing is secured by Joseph Arnold Lofts, a 12-story apartment building located at 62 Cedar Street in Seattle’s Belltown neighborhood, one block from the redeveloping Seattle waterfront. The property is within walking distance to Pike Place Market, the Seattle Center and the popular 2nd Avenue retail district.
Built in 2013 “The Joe,” features a mix of studio, one- and two-bedroom apartment homes with condo quality finishes. The development’s concrete and steel construction provides for floor-to-ceiling windows and ceiling heights up to 13 feet. The amenity-rich property includes a studio apartment guest suite, fitness center, business center, tenant lounge and rooftop deck with barbecues, fire pit and outdoor seating areas.
While in excellent condition, the sponsor will undertake a moderate renovation program as units roll. The bulk of the improvements will be focused on the common areas which will include upgrading the existing fitness center, rooftop deck enhancements, upgrades to the resident lounge/game room, improvements to the lobby and common areas, and adding new landscaping to improve the overall resident experience.
“Joseph Arnold Lofts is a unique, top quality apartment building in a very desirable neighborhood in downtown Seattle. The sponsor’s planned improvements will enhance the resident experience and ensure the Property remains competitive as a top-tier apartment project in the market for years to come,” said Mesa West Capital Director Joshua Westerberg who originated the financing and runs the firm’s San Francisco office. “By self-managing the property and leveraging their local expertise in the market, we believe the sponsor will be able to achieve significant operational savings and optimize occupancy,” said Westerberg.
Rise, a private, open-ended Canadian REIT, focuses on multifamily investment in the Pacific Northwest. Through Thrive, its property management arm, Rise manages nearly 3,000 multifamily units in the Seattle area.
RISE Properties Trust purchased Salix Juanita Village in Kirkland, Washington for $101,500,000. The transaction was brokered by HFF.
RISE Properties Trust (“RISE”) a Canadian real estate trust, with operations based in Seattle, today announced their purchase of Salix Juanita Village in Kirkland, Washington for $101,500,000. The transaction was brokered by HFF.
Jason Murray, Investment Manager at RISE, noted, “Salix represents the first close-in Eastside asset that RISE will acquire this year. Built in 2005, Salix is relatively dated compared to new-product finish levels, and is ripe for renovation of its unit interiors, common areas, and a marketing refresh. Leveraging its 9-foot ceilings, large windows, unique urban townhomes, and ‘micro-urban’ location, Salix will be re-positioned as premier product, nearly indistinguishable from new construction, in an excellent Kirkland area.”
The property is part of the Juanita Village master planned community, with its with dozens of shops and restaurants, and quick access to the beach and parks. The property has quick access to downtown Kirkland and is within the preferred Lake Washington School District with highly rated elementary, middle and high schools.
Including Salix at Juanita Village, Including Salix, RISE has acquired nine properties, with a total capitalization of approximately $588,000,000, in 2019. RISE owns approximately 4,150 units across 23 multifamily properties in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 13,000 apartments under management.
RISE Properties Trust purchased Salix Juanita Village in Kirkland, Washington for $101,500,000. The transaction was brokered by HFF.
RISE Properties Trust (“RISE”) a Canadian real estate trust, with operations based in Seattle, today announced their purchase of Salix Juanita Village in Kirkland, Washington for $101,500,000. The transaction was brokered by HFF.
Jason Murray, Investment Manager at RISE, noted, “Salix represents the first close-in Eastside asset that RISE will acquire this year. Built in 2005, Salix is relatively dated compared to new-product finish levels, and is ripe for renovation of its unit interiors, common areas, and a marketing refresh. Leveraging its 9-foot ceilings, large windows, unique urban townhomes, and ‘micro-urban’ location, Salix will be re-positioned as premier product, nearly indistinguishable from new construction, in an excellent Kirkland area.”
The property is part of the Juanita Village master planned community, with its with dozens of shops and restaurants, and quick access to the beach and parks. The property has quick access to downtown Kirkland and is within the preferred Lake Washington School District with highly rated elementary, middle and high schools.
Including Salix at Juanita Village, Including Salix, RISE has acquired nine properties, with a total capitalization of approximately $588,000,000, in 2019. RISE owns approximately 4,150 units across 23 multifamily properties in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 13,000 apartments under management.
JLL closed the $98.1 million sale and arranged acquisition financing for Augusta Apartments, a 209-unit apartment community in Seattle, Washington.
JLL announced today that it has closed the $98.1 million sale and arranged acquisition financing for Augusta Apartments, a 209-unit apartment community in Seattle, Washington.
JLL marketed the property on behalf of the seller, Vulcan Real Estate, and procured the buyer, a joint venture between Security Properties and STARS REI. In addition, JLL worked on the new owner’s behalf to arrange acquisition financing.
The seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. The property features a variety of shared indoor and outdoor spaces including a roof deck and courtyard, each with adjoining community lounges. Additional amenities include a guest suite, study area, fitness center, dog grooming room and a sports court. Completed in 2017, Augusta was designed by Runberg Architecture Group and constructed by Exxel Pacific, Inc. The project is LEED Platinum-certified.
Augusta Apartments is located at 4041 Roosevelt Way NE within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which will open in 2021 at the corner of 43rd and Brooklyn.
The JLL Capital Markets investment advisory team representing the seller was led by Managing Directors David Young and Corey Marx.
JLL’s Capital Markets debt placement team representing the new owner included Senior Managing Director Charles Halladay and Director Scott Gilson.
“Augusta Apartments’ strategic location near the University of Washington in the heart of Seattle’s start-up and technology hub provides appeal to both students and staff at the University as well as residents seeking proximity to the area’s numerous employers,” Marx said.
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.
RISE Properties Trust and Aegon Real Assets purchased Linden Square Apartments in North Seattle for $52,750,000.
RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, and Aegon Real Assets US (“Aegon RA”), an indirect wholly owned subsidiary of Aegon N.V., a multinational life insurance, pensions and asset management company headquartered in the Netherlands, today announced their purchase of Linden Square Apartments in North Seattle for $52,750,000. The transaction, brokered by CBRE, represents the third joint venture between the companies this year.
Located a couple miles northwest of Northgate Mall, the multifamily community was built in 1993 and features a mix of one, two- and three-bedroom units, a fitness center and pool, as well as ample garage parking, storage, and amenity space.
The property is a short walk to Bitter Lake and its adjoining playfield amenities, as well as a rapid ride transit stop, which features service every four minutes during peak hours. In addition, the location has strong accessibility to major Seattle employment nodes by way of short drives to both Highway-99 and Interstate-5.
Beau Madsen, Investment Manager at RISE, noted that “Linden Square is a rare, transit-oriented asset that will benefit from our expertise in acquiring, renovating and operating multifamily properties. Having recently completed a number of successful renovation projects in the area, we are excited for the opportunity to unlock the potential at Linden Square by reimagining the asset’s branding and leasing experience, as well as it’s amenity and apartment offerings.”
Cameron Jones, Head of Real Estate Equity Acquisitions for Aegon RA, stated, “The acquisition of Linden Square Apartments is another illustration of Aegon RA’s investment strategy which focuses on acquiring, improving and preserving workforce housing in select metros across the U.S. The venture with RISE showcases alignment with regional experts and leverages our experience and depth of relationships in the multi-family sector.”
Including Linden Square Apartments, RISE owns approximately 3,200 units across 20 multifamily properties in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 12,000 apartments under management.
