Jul 28, 2005

Tarragon

McCullough

Murphy McCullough is a new senior development manager of commercial projects at Tarragon and is responsible for the developer's 2000 Third Avenue high-rise residential project. He has more than 12 years of construction and real estate development experience. McCullough previously worked for Hines and SDL McCarthy, where he worked on entitling, designing and constructing more than 4.5 million square feet of residential, office, retail, institutional and healthcare, including the IDX Tower, Harbor Steps and University Village. He completed his bachelor's studies in building construction and the commercial real estate program, both at the University of Washington.

Windermere/Realty Network Team

Realty Network Team, which a Vietnamese immigrant started three years ago, has affiliated with Windermere Real Estate in Seattle's International District. Windermere Real Estate/Realty Network Team, 321 10th Ave. S., has 25 full-time agents who provide residential and commercial real estate services in the Puget Sound region. The husband-wife team of Michael Lai and Veeny Van are the owners. The company offers financial services through its in-house mortgage company, The Home Point Mortgage. Lai, the son of a Vietnamese soldier and prisoner of war who fought alongside U.S. forces, was born in a coastal town in central Vietnam. He embarked on a journey to the U.S. that spanned three years and several countries where he became fluent in several Asian languages.

CB Richard Ellis

The city of Seattle has selected CB Richard Ellis as the property manager of the 990,500-square-foot Seattle Municipal Tower. The city rebids the contract every five years.

JER Partners of Los Angeles has bought Covington Farms, a 352-unit apartment property near Everett Mall, from Covington Associates LLC of Seattle for $25.65 million, or $72,869 per unit. Jim Claeys of CB's Seattle office represented the buyer and seller. He says the property was priced below the estimated replacement value more than $125,000 per apartment. Covington Farms has indoor and outdoor pools, an indoor basketball court and weight room.

Hendricks & Partners

MSK Fairfield Compton Woods LLC of San Diego sold Bridlewood, a 120-unit apartment property at 13210 97th Ave. N.E. in Kirkland, for $12.95 million to Newport Beach, Calif.-based Bridlewood Apartment Co. Kenny Dudunakis of the Seattle office of Hendricks & Partners negotiated the transaction.

S-J Management

Michael Sauter, CEO of Seattle-based S-J Management, says the company has had a strong response to its latest investment program, MonteViejo Associates LLC, which is buying the 480-unit MonteViejo Apartments in Phoenix. S-J has received subscriptions equal to 90 percent of the investment funds needed before closing. The closing has been moved up to Sept. 10. Sauter said that means capital contributions will need to be received before Aug. 31. Earlier this summer, S-J announced the $50.5 million purchase price will require approximately $11.5 million in equity capital. S-J is a privately held real estate company that acquires, manages and sells mostly large multifamily properties in Washington and Arizona.

John L. Scott

New sales associates at John L. Scott are Luis LaForteza at the Lynnwood Center office; Milly Sablok, Kent; Loretta Hanon, Kingston; and Vasi Rusu, Redmond.

Jul 21, 2005

Prudential Northwest Associates

Occupancy rates and average daily rates at Northwest hotels and motels are increasing, according to Stephen Comstock, a hospitality specialist with Prudential Northwest Associates in Federal Way. The latest numbers rival those recorded before 9/11. This has brought buyers back to the table, says Comstock, with more 1031 tax-deferred transactions occurring as owners seek to invest in better properties.

Lion

Lion, a Seattle-based online mortgage service provider, has hired Kristi Angell to run Mortgage 101. Sern Clementson has been promoted to president of Tuttle Risk Management Services, a wholly owned subsidiary of Lion. He replaces Anthony Berris, who left Tuttle to pursue personal interests. Tuttle provides mortgage pipeline risk management services and tools for financial institutions. Clementson will also head the company's capital markets business segment, which includes Lion's proprietary risk management software, Pipeline Tools. Angell most recently directed and operated ServiceMagic's mortgage unit, now a division of LendingTree. She will develop strategies to increase online traffic to Mortgage 101.

John L. Scott Real Estate

The John L. Scott Foundation presented a check for $25,000 to Seattle Children's Hospital and Regional Medical Center during KOMO 4 TV's "Miracle Makers Telethon." In addition, the company helped raise more than $132,000 toward the total of $6.4 million by matching callers' pledges.

New sales associates at John L. Scott are Tonya Antonio and Jessica Randall in the Redmond office. Other new sales associates are Jennifer Buck, Diane Clements and Sarah Nelson, Downtown Bellevue; James Legnell and Cary Porter, Bellevue South; Josette Goarin and David Williams, Kingston; Teresa Selbach, Monroe; Cedar Paddock, Gig Harbor; Michelle Charlton and Kristine Soule, Kirkland; Jenny Douglas and Matthew Jensen, Sammamish; Donita Winsworth, Port Orchard; James Johnston, James Sagona and Kamal Tumber, Kent; Sharon Crane and Cord Mance, Lynnwood; Robert Glenn, Seattle Lakeside; Sondra Hazim, Lee Morales and Richard Pabillon, Seattle Center; and Kurtis L. Sellers, Seattle North.

Urban Land Institute

For the first time, the Urban Land Institute is bringing portions of its workshop series to Seattle next month. The programs are designed to provide real estate professionals with the latest best practices. Alan Razak of The Razak Co. of Philadelphia will teach "Construction Fundamentals for Development Professionals." Richard Haney Jr. of the Mays Business School at Texas A&M University will teach "Pro-Forma Modeling Using Excel." Both workshops will be Aug. 8-9 at the Grand Hyatt Seattle. Register at http://www.uli.org or call (800) 321-5011.