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.

Issue link: https://westernrealestatebusiness.epubxp.com/i/1012778

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Page 21 of 42

C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • August 2018 • 19 PA C I F I C N O R T H W E S T BRICKMAN, GREENOAK PURCHASE HISTORIC OFFICE BUILDING FOR $67.5 MILLION SEATTLE — A joint venture between Brickman and GreenOak has acquired Central Building, an eight-story his- toric office property located at 810 Third Ave. in Seattle's Central Busi- ness District. KBS Strategic Opportu- nity REIT sold the property for $67.5 million. Originally built in 1907, the 192,176-square-foot building was 81 percent leased at the time of sale. Dave Otis, Michael Leggett, Logan Greer and Kevin Freels of HFF rep- resented the seller and procured the buyer in the deal. Additionally, Casey Davidson and Peter Smyslowski of HFF arranged $55.4 million in acqui- sition financing through Invesco Real Estate for the buyer. MORNINGSTAR, CONFLUENT START CONSTRUCTION OF SENIORS HOUSING COMMUNITY IN OREGON HAPPY VALLEY, ORE. — Co-devel- opers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Happy Valley in a Portland suburb. The three-story, 83,300-square-foot prop- erty will feature 61 units of assisted living and 27 units of memory care. Located on two acres, the community is scheduled to open in summer 2019. This is the second seniors housing project in the Portland metro area for the joint venture, and the 12th overall. Local firms involved in the project in- clude LRS Architects and LCG Pence Construction. Thoma-Holec Design, based in Mesa, Ariz., will serve as in- terior designer. SECURITY PROPERTIES BUYS TWO MULTIFAMILY COMMUNITIES BEND, ORE., AND LACEY, WASH. — Security Properties, along with a university endowment, has acquired two multifamily properties. Seasons at Farmington, a multifamily commu- nity located in Bend's Old Farm Dis- trict, was purchased for $45.5 million. The property features 228 apartments in a mix of one- and two-bedroom layouts, a swimming pool, clubhouse with lounging areas and a fitness cen- ter, dog park and outdoor fire pit. This transaction is Security Properties' first acquisition in Bend. In Lacey, Security Properties bought Marq on Martin, located at 8545 Litt Drive SE. An un- disclosed seller sold the property for $54.5 million. Constructed in 2017, the property consists of 248 apartment units across 10 residential buildings. Situated on 12 acres, the property fea- tures a mix of one- and two-bedroom floor plans with an average unit size of 831 square feet. Security Proper- ties Residential, an affiliate of Security Properties, will manage the properties. Built in 1907 and situated in Seattle's Central Business District, Central Building features 192,176 square feet of office space. HUNT MORTGAGE GROUP IS NOW HUNT REAL ESTATE CAPITAL www.huntrealestatecapital.com More than mortgages — Solutions across the capital stack • Agency • Bridge • Mezzanine • Proprietary Fixed Fannie Mae | Freddie Mac | FHA | Bridge | Mezzanine | Proprietary Fixed CARDINAL GROUP PURCHASES COMMUNITY NEAR UNIVERSITY OF OREGON EUGENE, ORE. — Cardinal Group has acquired Arena Dis- trict, a 244-bed student housing community located near the University of Oregon in Eugene. The property offers two- and four-bedroom units. Shared amenities include a fitness center, hot tub, private study room, study area and internet café, multi - media lounge, clubroom with gaming and pool table, and out- door courtyard with grilling station. HFF arranged an undis- closed amount of acquisition financing for the transaction. The HFF team, which included Pat Burger, secured the floating-rate loan through Freddie Mac's CME Program. HFF will also ser- vice the securitized loan.

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