May 20, 2010

Capital Hill Housing

Matt Roewe of VIA Architecture and Michael Kerns of Seattle University are new board members of Capitol Hill Housing, a housing and community development organization. Roewe is design director for mixed-use and major projects at VIA. He is on the Seattle Planning Commission and Seattle Great City Initiative. Kerns is associate vice president for facilities administration at SU.

Security Properties

Seattle-based Security Properties acquired the general partner and majority economic interests in the ownership of Diamond at Prospect, a 140-unit multifamily property in Denver. Tim Overland, managing director of affordable housing, said Security assumed the existing debt and contributed new equity for a total property value of $10.2 million. The property was built in 2005, using federal low-income housing tax credits. Security has started acquiring interests in LIHTC housing.

Jones Lang LaSalle

First Industrial Realty Trust chose the Seattle office of Jones Lang LaSalle to lease three distribution centers in the Kent Valley. They total 233,000 square feet. Andrew Harnish, Chris Spofford and Gary Danklefsen will handle the account.

Legacy Partners

Legacy Partners repositioned a 309-unit apartment project in Federal Way with a $13 million renovation. Campus Grove Apartments has bene renamed Arcadia Townhomes. Kerry Nicholson, the company's Northwest regional partner, said rental revenues are up 15 percent on a per-unit basis. The average rental rate is $1.06 per square foot. Legacy's equity partner on the renovation is a separate account managed by Cornerstone Real Estate Advisers LLC. DH Design of Redmond designed the makeover and Western Exteriors did the exterior work. Legacy hired subs for interior work.

Sugimura, Terry talk at AIA event

Seattle planning director Diane Sugimura and her counterpart in Bellevue, Matt Terry, will talk about the recession and large-scale real estate development in their cities at 4 p.m. Monday at AIA Seattle, 1911 First Ave. The 90-minute program is free.

Justen on condo trends

William Justen of The Justen Co., a real estate consulting and development company in Seattle, will discuss downtown condo trends at the Seattle Mortgage Brokers Association lunch at noon, June 1, at the Washington Athletic Club, 1325 Sixth Ave., Seattle. Cost is $45. Register at seattlemba.org.

Vision 2040 Awards

Burien Town Square, a mixed-use project by Urban Partners, is one of five winners of the Puget Sound Regional Council's Vision 2040 Awards. Others are Bellevue's Bel-Red corridor plan, Orting Valley Farm's organic farms in Pierce County, the Poulsbo comprehensive plan and Snohomish County's Swift Bus Rapid Transit. The awards will be presented at a 6 p.m. dinner today at the Doubletree Arctic Club Hotel, 700 Third Ave., Seattle.

NAIOP award nominations open

NAIOP is accepting nominations until July 16 for its annual Night of the Stars awards. The top developer and top transaction will be named in November, along with office, industrial, retail, multifamily, hospitality and other award winners. Forms are at naiopwa.org.

Real estate auction site re-launched

Real estate auction firm REDC of Irvine, Calif., beefed up its Auction.com site. The company said the aim is to help users navigate through a growing number of online auctions for foreclosed homes, commercial real estate and land.