Nov 26, 2021
Extended-stay operator Stay Alfred, of Spokane, folded during the pandemic — as did many others in that space. Among its portfolio of temporarily shuttered hotels was The Oxford, at 1920 First Ave., near Pike Place Market. This month Kasa announced that The Oxford and three other hotels in other markets were now in its portfolio. The six-story building has been owned by local investors for over two decades; its 49 apartments were flipped to hotel rooms two years ago. The ground-floor retail space is also leased to Design Within Reach. The building dates to 1909, and originally operated as a hotel until 1971. Five-year-old Kasa, a privately held startup, now operates in over 35 cities in four countries; it doesn't detail the number of rooms it manages. It's led by Roman Pedan, with headquarters in San Francisco. In a similar nearby deal, Mint House announce last month that it would flip the Atwood entirely to extended-stay units; the previous operator there was Barsala.
Seattle Housing Authority announced that Dave Wellings is now director of housing operations. He's been with the authority for a dozen years, and will now oversee some 8,000 housing units — including some of the new buildings at Yesler Terrace. SHA's executive director Rod Brandon, who previously occupied that operations seat, said in a statement, “Dave has a breadth of experience at SHA, and a deep knowledge of the agency and our public housing programs, as well as a deep commitment to SHA's Race and Social Justice Initiative. I'm excited to have Dave stepping into this key leadership role.”
As the DJC first reported in mid October, the 238-unit Solara in Lake City sold to national investor MIG Real Estate for $84 million. Brokers were not then announced, but CBRE later issued a press release. Its Jon Hallgrimson, Eli Hanacek, Frank Bosl and Kyle Yamamoto represented the seller, Sares Regis Group, which like the buyer is based in California. Hanacek said in a statement, “We received significant interest in Solara due to the highly desirable large floor plans, complete with traditional one-bedroom homes and an abundance of amenity space. Buyer appetite to invest in the Seattle market recovery is at an all-time high.” Down in CBRE's San Diego office, Bill Chiles, Scott Peterson and Brian Cruz arranged the acquisition loan. As reported last month, that over $62 million package came from Forethought Life Insurance.
Early this month, JLL announced that it was expanding its valuation services presence in our market, extending to Portland. Leading that group from our city will be Robert Taylor, who makes the move from Cushman & Wakefield. He'll work at a national level with JLL's Eric Enloe, who said in a statement, “Under Rob's leadership, JLL Valuation Advisory will be the premiere valuation presence in the Pacific Northwest. Based in Seattle, JLL's Joe Smurdon said, “We've seen incredible demand this year for valuation advisory services, and see Rob as a key addition to our team.”
NAIOP, like most industry groups, is about to go on holiday hiatus. But mark Jan. 31 in your calendar for the annual South Sound Economic Forecast. It'll be held that Monday, beginning at noon, at the Tacoma Convention Center. The lunch event will feature a panel of experts, who'll look at all classes of real estate, mostly in Pierce County. Details and registration: naiopwa.org.
Nov 19, 2021
Tarragon has promoted Katelin Carter to director of marketing, Keith Comery to site operations manager, Jim Goodgion to director of land management, Andrew Krzyzanowski to construction manager, and Mark Steed to site operations manager.
Katelin joined Tarragon in 2020 as marketing manager. She also serves on the ULI Young Leaders Board.
Since starting at Tarragon in May of 2018, Keith is currently working on Tarragon’s latest multi-family project in Bremerton.
Jim brings over 20 years of experience in the real estate industry and manages over 30 pre-development properties for Tarragon. Andrew most recently was a key contributor to the completion of Glacier Run Apartments in Puyallup.
Mark has been with Tarragon since 2014 and has been a key contributor to several projects from ground-breaking through occupancy.
Tarragon was founded in 1995 and is recognized as one of the Puget Sound’s most active and influential real estate developers. Tarragon develops Class A industrial, retail, office, and multi-family projects throughout Washington State. Tarragon’s projects are known for their quality construction and community focus.
Nov 18, 2021
Beyond the apartments, cinema, restaurants, retail and grocery stores, the almost completely revamped Village at Totem Lake also includes about 15,000 square feet of office space. That has been claimed by Compass, the residential brokerage recently announced. About 125 brokers will be based there, beginning around Jan. 20 in the new year. Jason Mesnick said in a statement, “As a lifelong Kirkland resident and Compass broker, I could not be more excited for Compass to be opening a Kirkland location! I am proud to be part of a company that puts an emphasis on creating relationships and celebrating community.” The office will be the 13th location for Compass in the Pacific Northwest. Joe Lynch and Dan Harden of Newmark represented owner CenterCal Properties. Compass entered our market three years ago, and has since closed over 19,000 deals worth over $19 billion. During the current year to date, it's closed on nearly $5 billion in sales. The Compass team is relocating from a downtown Bellevue building, once owned by Fana Group, that Capstone Partners will redevelop with a new office building.
Heartland has announced three new hires. Karlis Rubenis joins the firm as an asset management analyst; he makes the move from Wright Runstad. Fresh out of the UW's Runstad Department of Real Estate, with a new master's degree, James Stanton will work in areas including strategy development, financial feasibility, site selection and execution. Patrice Bishop-Foster, now Heartland's controller, previously worked for several nonprofits and businesses.