Feb 13, 2025

A bit more about that Hawthorne sale

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As the DJC reported last week, Cushman & Wakefield represented the seller in a $22 million apartment deal on Capitol Hill. The brokers for the 63-unit Hawthorne were Dylan Roeter, Tim McKay, Dan Chhan and Matt Kemper. The same firm also arranged the $13.1 million Fannie Mae loan, originated by Greystone's Michael Zampetti, on behalf of buyer Felson. C&W's Dave Karson, Chris Moyer, Paul Roeter, Mitch Rothstein and Mary Shin lead the loan effort. Buyer Adam Felson said in a statement, “We are very excited to grow our presence in Seattle. The Hawthorne stood out to us as a compelling opportunity, given the excellent location, high parking ratio and early 2000s vintage.” The building, with 86 structured parking stalls, is now said to be 95% occupied.

Kidder Mathews

Herrmann

Piper

Anderson

Simon

In its Tacoma office, Kidder Mathews has added two new brokers to its multifamily platoon, led by Dylan Simon and Jerrid Anderson in Seattle. The new hires, both moving from First Western Properties, are Elijah Piper and Tony Herrmann. Piper said in a statement, “This is an incredible opportunity to elevate the service I provide to clients.” The duo brings the squadron up to 13 brokers. Said Simon, “Seattle's multifamily market is settling into a new rhythm, and investors are finding their footing again. Growing our team and the geography we service will allow us to serve clients in every market they own.”

Pacific Asset Advisors joins X, the other X

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Brokerage X Team Retail Advisors is based in Phoenix, with offices in 50 U.S. markets and in Canada. The firm announced this week that our own Pacific Asset Advisors is joining X as an affiliate. Leasing specialist Pacific Asset is led by Brad Close, who said in a statement, “Joining forces with the national affiliates within the X Team platform is a natural progression. We continue to grow our established retail property management service line, and a key focus this past year was building the premier retail brokerage team.” That team now numbers around 13, including five hires last year: Michael Olsen, Tony Omlin, Adam Greenberg, Ryan Cornish and Tyson Clarke. Last year, the firm arranged 146 leases spanning about 5 million square feet.

More on Altitude 104 ... er, we mean The Ellyson

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In Pierce County, the 230-unit Altitude 104 recently sold for almost $40 million to Oro Capital Advisors of Nevada. (The DJC reported the sale last week; Berkadia was the broker for seller Goodman Real Estate.) Changes are now coming to the garden apartments, which are in the Parkland area, near Joint Base Lewis-McChord. Starboard Real Estate announced that it's now running, renaming and renovating the complex, which was developed in 1989. The company's Lindy Harvey said in a press release, “Residents can look forward to modernized interiors with quartz countertops and new flooring, as well as exciting community upgrades — including an enhanced clubhouse, a new dog park, an outdoor kitchen area and refreshed exteriors.” The complex is now The Ellyson, and it serves a very diverse community of renters. Said Harvey, “Our team speaks more than four languages, which is a huge asset for our diverse resident base, and we go above and beyond to accommodate their needs.”

All about Everett!

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The Greater Everett Chamber of Commerce is hosting a Feb. 19 lunch event titled, appropriately, Everett Rising. It's to be held at downtown's Kings Hall, a vintage events space, at 1611 Everett Ave. Speakers will include Craig Skotdal of Skotdal Real Estate and Lisa Lefeber, the CEO and executive director of the Port of Everett. Topics will include the Kaiser Permanente expansion, the Everett Station District (where light rail should arrive by perhaps 2041), the port's ongoing Waterfront Place mixed-use redevelopment effort and other transit-oriented development in the city. Details and registration: everettchamber.org