Western Real Estate Business

AUG 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A 18 • August 2018 • Western Real Estate Business www.REBusinessOnline.com PA C I F I C N O R T H W E S T ARIES CONLON ARRANGES $5.3 MILLION REFINANCING FOR 120-KEY HOTEL MERIDIAN, IDAHO — Aries Conlon Capital has arranged a $5.3 million refinancing for Candlewood Suites Boise-Meridian, a 120-key hotel lo- cated at 1855 S. Silverstone Way in Meridian. The 10-year loan features a fixed interest rate and a 25-year amor- tization schedule. The borrower, TNB Hotels, used the loan to monetize ac- crued equity and take cash out. Suraj Desai of Aries Conlon Capital origi- nated the transaction, and Rushi Shah, also of Aries Conlon Capital, placed the financing. Additionally, Heather Madsen and Prabhat Jayara of Aries Conlon Capital assisted with the un- derwriting and closing for the trans- action. ALLIANCE RESIDENTIAL LAUNCHES ACTIVE ADULT BRAND, BREAKS GROUND ON COMMUNITY TUKWILA, WASH. — Alliance Resi- dential Co. has broken ground on Marvelle at Southcenter, an active adult community in the Seattle sub- urb of Tukwila. The 166-unit commu- nity marks the launch of Alliance's active adult brand, Marvelle. The de- veloper noted that baby boomer de- mand has been strong at its standard multifamily communities, leading it to start building age-restricted prop- erties. Besides the age restrictions, the Marvelle community will also offer 13,000 square feet of indoor amenity space, more than double the com- mon space at its standard apartment complexes. It is also a transit-oriented development and located near the Southcenter area's many restaurants, retail shops and medical facilities. Ur- bal Architecture designed the seven- story, 235,828-square-foot property. Apartments range from 500 square feet to more than 1,200 square feet. The community is scheduled to open in fall 2019. MARCUS & MILLICHAP NEGOTIATES $3.1 MILLION SALE OF RETAIL PROPERTY SEATTLE — Marcus & Millichap has brokered the sale of a retail property located at 5201 Ballard Ave. NW in Seattle. A limited liability company acquired the property from a private investor for $3.1 million. Built in 1905, the two-story building features 10,540 square feet of retail space. Brian Mayer and Clayton Brown of Marcus & Mil- lichap's Seattle office represented the seller, while Mayer also represented the buyer in the transaction. GUARDIAN REAL ESTATE RECEIVES CONSTRUCTION FINANCING TO BUILD 110- UNIT MULTIFAMILY PROJECT MILWAUKIE, ORE. — Guardian Real Estate Services has received construc- tion financing for the development of Axletree, a multifamily project locat- ed at the intersection of SE Main and SE Washington streets in Milwaukie, a suburb of Portland. Casey David- son of HFF arranged the floating-rate construction loan through a regional bank, while Ira Virden and Carrie Kahn, also of HFF, arranged joint ven- ture equity for the project through Hanover Financial. Terms of the loans were not released. Slated for comple- tion in third-quarter 2019, the prop- erty will feature 110 units in a mix of studio, one- and two-bedroom floor plans averaging 610 square feet. The community will also offer approxi- mately 7,000 square feet of ground- floor retail space and 77 parking stalls. Axletree is the first multifamily com- munity to be built in Milwaukie since 1995, according to HFF. TRION PROPERTIES PURCHASES 156-UNIT APARTMENT COMPLEX FOR $28 MILLION TIGARD, ORE. — Trion Properties has acquired Pacific Crest Apartments, a multifamily community located at 10695 SW Murdock St. in Tigard. A private seller sold the property for $28 million. Gail Neuburg and Samuel Lawhead of ARA Newmark repre- sented both parties in the transac- tion. Continental Partners arranged an $18.4 million acquisition loan for the buyer. Built in 1974, the property features 156 apartments in a mix of studio, one-, two- and three-bedroom floorplans with in-unit washers/dry- ers. The buyer plans to renovate the units, including the installation of quartz countertops, stainless steel ap- pliances, new cabinets, vinyl floor and Kevo door locks. PATHFINDER PARTNERS ACQUIRES 125-UNIT MULTIFAMILY PROPERTY FOR $18 MILLION FIFE, WASH. — Pathfinder Partners has purchased Astoria Apartments, a 125-unit multifamily community located at 5700 23rd St. in Fife in the Seattle-Tacoma metro area, for $18 million. Built in 1982, the property features 12 two-story residential buildings comprising 68 one-bed- room/one-bath units, 53 two-bed- room/one-bath units and four three- bedroom/two-bath units. Each unit has a private entry, fully equipped kitchen, fireplace and a patio or bal- cony. On-site amenities include a leasing office, resident clubhouse, fitness center, children's playground area, outdoor patio seating, dog park, indoor pet wash station and covered parking. Pathfinder plans to imple- ment an interior renovation program on the un-renovated units, as well as the enhancement of currently reno- vated units, the addition of wash- ers/dryers to all units and upgrades to the landscape, hardscape and common-area amenities. Giovanni Napoli and Phil Assouad of Kidder Mathews represented the buyer and undisclosed seller in the transaction. If you're looking for an apartment investment property, we can help. (503) 241.5541 • hfore.com Licensed in the states of Oregon and Washington. PACIFIC NORTHWEST? PACIFIC NORTHWEST? INVESTING IN THE INVESTING IN THE Rendering courtesy of SERA Architects Slated for delivery in 2019, the 110-unit Axletree is the first multifamily community to be built in Milwaukie since 1995. Pacific Crest Apartments features 156 residential units in a mix of studio, one-, two- and three-bedroom floorplans.

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