Jan 05, 2006

ERA McGrady & Associates

The Tukwila real estate firm of McGrady & Associates has affiliated with ERA Franchise Systems and now will do business as ERA McGrady & Associates. Offices remain at 6840 Fort Dent Way, Suite 100, in Tukwila. Todd McGrady, broker/president, said the firm will hire more than 100 real estate agents this year.

CREW

Shawn Rush of Seattle's Group Mackenzie was recently appointed to serve as a director on the 2006 CREW Network (Commercial Real Estate Women Network) board of directors. CREW Network is a national organization of more than 6,500 commercial real estate professionals. Beth Lambert-Saul, vice president at Archon Group in Irving, Texas, has been elected CREW president for 2006. Marianne Ajemian of Boston is president-elect.

Monterra Holdings

Redmond-based Monterra Holdings LLC, a real estate investment company focused on multi-family and commercial office investments, has acquired the 18-unit Olympic Suites apartment complex and an adjoining parcel of land for a total of 1.23 acres in Renton through a wholly-owned subsidiary. Monterra plans to explore partnerships to develop the adjoining parcel of land. Monterra focuses on development and acquisition in Washington and Arizona.

Grubb & Ellis

Grubb & Ellis has added Tom John as an associate specializing in tenant representation. John has worked in international policy research at the National Bureau of Asian Research, a research institution based in Seattle. He is a member of the Commercial Brokers Association and holds a Washington real estate license.

Dec 30, 2005

Seattle Executives Association

Seattle Executives Association has elected officers for its Business Development Group through 2006. The president for the upcoming term is Larry Madison, branch manager of NYK -- Logistics (America). First VP is Cheryl Thompson, president of Seattle Office Furniture, LLC. Second VP is Dean Altaras, senior vice president of Morris Piha Real Estate Services, Inc. Treasurer for 2006 is Don Roberts, general manager of Allied Fire & Security. Beth Harwood, sales manager of the Crowne Plaza is the newly appointed president for the organizations' Associate Group.

Dec 29, 2005

Pacific Crest Savings Bank

John Fairchild, CEO of Lynnwood-based Pacific Crest Savings Bank, thinks the Puget Sound region's robust housing market will slow down in 2006. He says builders are telling him they're having trouble finding affordable lots in convenient locations. Then there are rising interest rates and governmental regulatory pressure on lenders to tighten the way interest-only and option-arms are underwritten. These factors will eliminate many buyers from the market. In recent months a high percentage of new home loans were in the interest-only and option-arms category. Fairchild says this will greatly affect first-time home buyers who have been driving the housing market. Add up the factors, and it appears the housing market will slow down in 2006 without much price relief for home buyers, he says.

Hendricks & Partners

Equity Residential sold the 198-unit Highland Creste, 10823 S.E. 240th Place, in Kent to a partnership that Eduardo Cerna of San Jose, Calif., set up. The sales price was nearly $18.1 million. Kenny Dudunakis of Hendricks & Partners' Seattle office negotiated the sale.

Orion Residential LLC

Orion Residential LLC, a national multifamily investment company with an office in Bellevue, acquired two Phoenix properties: the 336-unit Posada Vallarta for $23.55 million and the 224-unit Aviana at the Biltmore for $42.5 million. The latter is a joint investment with Montecito Property Co. Orion Principal Scott Knauer led the acquisition of both properties. Posada Vallarta is near the Pointe Tapatio Resort and is one of the few apartments that adjoin the Mountain Preserve. Bernard Allison will manage Posada Vallarta, and Commercial Services Building Inc. will provide construction management. Aviana at the Biltmore is near the Camelback Corridor. The new owners plan to spend more than $1.5 million improving the property, which Montecito will market. Orion officials say they plan to aggressively build its apartment portfolio in Phoenix. The market's increase in single-family and condominium prices combined with a booming population and high job growth will generate strong returns. Orion President and CEO Brian Ward adds his company wants to pursue its strategy of buying high-end apartments in other key markets, including the Puget Sound region. This is in addition to the company's core strategy of buying value-add apartment properties. Orion, which also targets select condo conversion opportunities, owns and operates more than 4,000 apartment units around the nation.

NAIOP

The NAIOP Forecast Breakfast is 7:30 a.m. Jan. 11 at the Seattle Marriott Waterfront, 2100 Alaskan Way. Panelists are Tom Abbott of Trammell Crow Co.; Jim Kinerk of the Broderick Group; Lisa Stewart of Urbis Partners; Leslie Williams of Williams Marketing; and Matt Wood of GVA Kidder Mathews. CB Richard Ellis' Jim Bowles will moderate. It's $30 for National Association of Industrial and Office Properties members and $45 for others. Register by Jan. 9 at naiopwa.org or phone (206) 382-9121.

CREW

Commercial Real Estate Women's 11:30 a.m. Jan. 12 lunch at the Washington Athletic Club, 1325 Sixth Ave., will feature a panel discussion about mixed-use development and what it means for downtown Seattle. Panelists are Kate Joncas, president of the Downtown Seattle Association, architect and developer Jim Mueller, Mike Scott of Callison Architecture and lawyer Jack McCullough of McCullough Hill. Cost is $35 for CREW members and $50 for others. Register by noon Jan. 9 at crewseattle.org or (206) 417-5580.