Sep 01, 2016

Security Properties

Photo courtesy Virtuance [enlarge]

The 104-unit apartment building is in Denver’s Prospect neighborhood.

Seattle-based Security Properties has sold Diamond at Prospect, a 140-unit mixed-income apartment building in Denver’s Prospect neighborhood, for $20.5 million. Hamilton Zanze Real Estate Investments of San Francisco was the purchaser and CBRE Affordable Housing arranged the sale. The building has 98 units with income restrictions. Diamond at Prospect was built in 2004 and has averaged 96 percent occupancy over the last three years, according to CBRE. CBRE Affordable Housing and Andrew Behrens of CBRE’s San Francisco office secured $12.3 million in acquisition financing on behalf of the borrower. The 10-year fixed-rate loan was provided by Fannie Mae at 3.07 percent — CBRE’s lowest rate to date, the company said. CBRE Affordable Housing is a specialty group within CBRE Group.

29th Street Capital

Heninger

With its main offices in Chicago and San Francisco, 29th Street Capital is opening an office in Portland and expanding into the Northwest. Barry Heninger was named senior vice president of multifamily acquisitions for the Pacific Northwest, and will look for “value-add and opportunistic acquisition targets.” The seven-year-old firm has acquired 40 multi-family properties with over 6,800 units in 12 states. It also buys distressed debt and single-family properties.

Tarragon

Schwindt

Robert Schwindt, who previously owned and operated Yellow Iron Construction, has joined developer Tarragon. He has an executive MBA from the University of Washington, and will specialize in master planned communities.

WSCAR Education Day

Tuesday, Oct. 11 is the date for WSCAR’s annual Education Day. It will be at Pacific Tower, formerly Pacific Medical Center. Commercial real estate brokers can network and earn continuing education credits. Early-bird pricing of $135 for members and $130 for non-members runs through Sept. 11. Details and event registration: wscar.com and (800) 275-2522.

Weingarten Realty Investors

Weingarten Realty Investors has signed four new commercial tenants for the Whittaker, which is nearing completion in West Seattle. They are CityMD Urgent Care, MOD Pizza, BECU and T-Mobile. Weingarten’s Louis Wenger closed the deal, with JSH, First Western and Kidder Mathews representing the tenants. Whole Foods will anchor the Whittaker’s 70,000 square feet of retail space. Lennar’s seven-story complex will have 389 units and 594 underground parking spaces in two buildings, with phased openings to begin this fall. The project is named for local climber Jim Whittaker, the first American to reach the summit of Mount Everest (in 1963). The Whittaker’s website is livewhittaker.com

Aug 25, 2016

NWG Residential

Photo courtesy NWG Residential [enlarge]

Bellevue Towers

With its recent listing of a $14 million condo in Bellevue Towers, Northwest Group Real Estate is launching a new sales platform called NWG Signature Gold. The nine-year-old boutique brokerage, co-founded by Nick W. Glant, has the exclusive listing for Penthouse 4201 in the 2009 condominium complex. NWG's Jason Foss and Jason Mesnick are handling the 6,400-square-foot condominium, which is at 500 106th Ave. N.E. The unit boasts about 4,000 square feet of outdoor space, two fireplaces, four bathrooms and three bedrooms. The sellers are investor/entrepreneur/philanthropist Gary Rubens and his wife, Jennifer Rubens, who bought it in 2013 for $3.8 million. (Rubens sold his ATG Stores e-commerce empire for an unspecified amount to Lowe's in 2011.) The penthouse was renovated in 2015 and has its own website: BellevueTowers4201.com.

Urban Land Institute

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Interbay

Savvy investors are snapping up parcels in Interbay, anticipating the possible passage in November of Sound Transit 3, which would build light rail along 15th Avenue West and into Ballard. ULI Northwest has organized a bus-and-walk tour called “Interbay: Neighborhood at a Crossroads.” The event will be from 3:30-6 p.m. on Thursday, Oct. 6, beginning and ending at Holy Mountain Brewing Co., 1421 Elliott Ave. W. Tickets ($40-$55) include transportation and the first round of beer. Stops will include Fisherman's Terminal, Whole Foods, Expedia's future campus (now Amgen), Interbay Worklofts, and the Armory at Seattle Center. RSVP at Northwest@uli.org or phone (206) 224-4500. (Pro tip: Look for parking by taking the West Galer Street flyover to the Elliott Bay Trail lots along 16th Avenue West, facing Smith Cove. Or bike.)

Newmark Grubb Knight Frank

NGKF announced that veteran sales and leasing broker Tim O'Keefe has joined its Seattle office, assuming the title of executive managing director. Formerly with CBRE, he's been in the real estate field since 1986, with over $10 billion in transactions behind him. Last year he was on the team that put DocuSign into 118,830 square feet at Wells Fargo Center.