Jan 09, 2020

Thayer Manca active in New Mexico

[enlarge]

Local firm Thayer Manca Residential announced its December purchase of the 280-unit Mirabella Heights in Albuquerque. Terms weren't disclosed, but TMR is planning $4.7 million in renovations. The investment brings its New Mexico portfolio up to three multifamily properties with 763 units, which it values at $100 million. Bruce Thayer said in a statement, “This is our third transaction in Albuquerque in the last 16 months. The historical stability of this market, in concert with its more recent economic growth, furthers our confidence in our acquisitions strategy in New Mexico.”

ISRD board: 3 members added, seeking 1 more

Seattle's International Special Review District Board held an election in November, and announced three new members last month: Russ Williams, Matt Chan and Faye Hong. At the same time, one of the seven board positions is open to a non-elected member appointed by Mayor Jenny Durkan. Interested parties may apply to rebecca.frestedt@seattle.gov.

JLL secures $43M for Alki condo project

[enlarge]

Jones Lang LaSalle announced last month that it has secured a $43.5 million construction loan for a 40-unit condominium project in West Seattle. The project at 1250 Alki Ave. S.W., developed by Vibrant Cities, is now called Infinity Shore Club Residences. JLL's Brandon Roth and Zack Goodwin sourced the loan from Man Group and Urbanite Capital. Vibrant Cities acquired the site in 2015 for $5.7 million. The master use permit was issued last August, and the construction permit last month. Tiscareno Associates is the architect; no general contractor has been announced, though Walsh Group appears in city records. (Walsh is also building Vibrant Cities' Pivot on Capitol Hill.) Vibrant Cities hopes to complete the Alki project next year. The six-story luxury building will have amenities including an infinity pool. Prices haven't been announced.

KM's Karen Benoit named industry influencer

Benoit

The editors of GlobeSt. Real Estate Forum have named Kidder Mathews' Karen Benoit a top influencer in marketing. The Seattle-based executive recently managed the launch and rebranding of the firm's new website, which coincided with the firm's 50th anniversary last year. Over the past 20-plus years, she's helped KM grow from four to 22 offices, with over 800 employees.

In other KM news, the firm announced last month that it has acquired Wessex Service Co., of Scottsdale, Arizona. The property management firm oversees 535,000 square feet of commercial space and 14 owner associations.

South Sound Economic Forecast

NAIOP will take a deep dive into Tacoma and Pierce County with its annual South Sound Economic Forecast event. It'll be held at 11. a.m. Jan. 23 at Tacoma Convention Center, 1500 Commerce St. Expert speakers will be Lynn Michaelis of Forest Economic Advisors, Travis Hale of Panattoni, Mike Raskin and Mike McClure of MJR Development, and Cathy Reines of Koz Development. Details and registration: naiopwa.org.