Western Real Estate Business

MAY 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 30 • May 2018 • Western Real Estate Business www.REBusinessOnline.com PA C I F I C N O R T H W E S T SHELTER RESOURCES BUYS 164-UNIT AFFORDABLE HOUSING PROPERTY FOR $19.3 MILLION LACEY, WASH. — Shelter Resources has acquired the 164-unit College Glen Apartments in Lacey for $19.3 million. The community is located at 4870 55th Lane SE. It was built in 1996. College Glen is a low-income housing tax credit property. The community contains a playground, community center and indoor sports court. The seller was College Glen Apartments LP. Kidder Mathews brokered the transaction. MONTECITO MEDICAL REAL ESTATE BUYS OFFICE BUILDING IN OREGON SALEM, ORE. — Montecito Medical Real Estate has purchased WVP-The Doctors' Clinic medical office build- ing in Salem for an undisclosed sum. Constructed between 1996 and 1999, the 34,554-square-foot building is situated 50 miles south of Portland. The property is directly across the street from a large Kaiser Permanente outpatient facility and is strategically located on the corner of Skyline Road and Kuebler Boulevard. MADISON PARK FINANCIAL ACQUIRES 149-UNIT APARTMENT COMMUNITY FOR $55 MILLION PORTLAND, ORE. — Madison Park Financial Corp. has purchased Bridgetown Lofts, a mid-rise apart- ment community located along the Williamette River in Portland's Pearl District. Portland Guild Loft Partners sold the property for $55 million. The waterfront community features 149 units with modern finishes, including stainless steel appliances, Euro-style cabinetry and quartz countertops. Joe Nydahl, Phil Oester and Josh McDon- ald of CBRE represented the seller in the transaction. Additionally, Brian Eisendrath with CBRE Capital Mar- kets' Debt & Structured Finance ar- ranged a seven-year, fixed-rate loan with three years of interest-only pay- ments through Freddie Mac for the buyer. CRYSTAL INVESTMENT PROPERTY NEGOTIATES SALE OF 43-ROOM HOTEL NEWPORT, ORE. — Crystal Invest- ment Property (CIP), a member of Ho- tel Brokers International, has brokered the sale of the Econo Lodge in New- port. The property features 43 rooms, which have been updated with new granite and tilework throughout. Jo- seph Kennedy of CIP represented the undisclosed seller and undisclosed buyer in the deal. The acquisition price was not released. CBRE ARRANGES SALE OF 176-UNIT MULTIFAMILY PROPERTY IN RICHLAND RICHLAND, WASH. — CBRE has bro- kered the sale of Badger Mountain Ranch, a multifamily property located 451 Westcliffe Blvd. in Richland. Bad- ger Mountain Apartments I LLC sold the property to Irvine, Calif.-based Starboard Realty Advisors for an un- disclosed price. Built in 2013, the prop- erty features 176 apartment units in a mix of one-, two- and three-bedroom layouts. Phil Oester, Eli Hanacek, Joe Nydahl and Josh McDonald of CBRE represented the seller in the transac- tion. NEWMARK ARRANGES $25.5 MILLION IN FINANCING FOR APARTMENT BUILDING IN SEATTLE SEATTLE — Newmark has secured $25.5 million in financing for 1111 East Olive Apartments in Seattle. Meri- wether Partners developed the prop- erty for the longtime land owners. The property features 80 apartments above ground-floor retail space, which will be occupied by a coffee shop and Richard Hugo House, a non-profit center for supporting writ- ers. Residential amenities include a rooftop deck, conference room, gym, secured bicycle storage and parking for 69 vehicles. Michael Taylor and Patrick Taylor of Newmark's Seattle office arranged the 15-year term fi- nancing through Aegon Real Assets US. The loan will be used to refinance the construction loan. Bridgetown Lofts in the Pearl District of Portland features 149 apartment units. Located in Richland, Badger Mountain Ranch features 176 apartment units in a mix of one-, two- and three-bedroom layouts.

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