Sep 07, 2017

Security Properties closes Fund I

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Security Properties sold this apartment building at 700 Broadway E.

Local firm Security Properties announced that it has sold the mixed-use apartment building at 700 Broadway E., which was the last of 17 assets in its Fund I.

King County hasn't yet recorded the sale.

The property was acquired in 2012 for $20 million, from the original developers. Over the past six years, Fund I grew to include 2,471 units in four states, totaling $392.5 million.

The properties were renovated and sold.

The company says that that, “By employing average leverage of 55 percent, the $20 million invested into Fund I returned a net $48 million.” CEO David Dufenhorst said in a statement, “The conclusion of Fund I was an extremely positive outcome for all parties involved.”

Atwood Apartments for sale

The 110-year-old Atwood at 104 Pine St. has almost 48,000 square feet.

There's still more activity just outside the Pike Place Market Historical District. At the corner of First and Pike, the 1897 Hahn Building, aka the Green Tortoise Hostel, will be razed for a new 14-story hotel and residential tower. At 107 Pine St., the old vacant old Gatewood Hotel will be renovated into a 96-room boutique hotel. And now Colliers is marketing the 55-unit Atwood apartments, at 104 Pine, for sale. The 110-year-old structure has six stories and almost 48,000 square feet. Its three retail bays are leased to Cupcake Royale, Chocolate Box and the tourist shop Simply Seattle. The Colliers team of Dylan Simon, Jerrid Anderson and Dave Schumacher is representing the property, which has been owned for decades by members of the Crim family. No price has been set.

Cascade Sotheby's adds talent

Roberts

Cascade Sotheby's International Realty has announced that broker Donna Roberts and her group are moving to the firm from John L. Scott. In a statement, CSIR founder and CEO Deb Tebbs said, “Donna Roberts is one of the most respected and successful brokers in Southwest Washington — to have her choose Cascade Sotheby's speaks volumes about the impact the Sotheby's brand has in this market.” The Donna Roberts Group also covers the Portland market. Roberts said, “The fact that Sotheby's offers a national and international presence including China is very attractive to me.”

Aug 31, 2017

NAIOP goes to the frogs

NAIOP has set the date for a volunteer work party in Woodinville. Beginning at 7:30 a.m. on Saturday, Sept. 30, voluneers can help support Farmer Frog, an educational nonprofit that turns underutilized sites into farms and gardens so students and families can learn how to grow food for themselves and their community. The organization has a dozen school gardens statewide, plus two standalone farms. The volunteer party should last until about 4:30 p.m., and it takes place at 23210 Paradise Lake Rd. Event details and registration: naiopwa.org.

California startup comes to Seattle

The online home listing service Open Listings has added Seattle as its first market outside California, according to a company release. The privately held startup allows buyers to “find, tour and buy homes using an entirely online process that's been optimized for buyers in competitive markets.” Open Listings said it offers a 50 percent refund on the buying agent commission, which it said can cover up to half of a buyer's down payment. To date, the company says it has saved over $3.5 million in commission fees for some 400,000 buyers. The company was founded in 2014 by Judd Schoenholtz, Alexander Farrill and Peter Sugihara.