Greystar Closes on 516-Unit Seattle Multifamily Buy
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The Mill at Mill Creek changes
hands for $71 million.
(Mark Your Calendars: RealShare Apartments East, February 15th in Washington, DC).
SEATTLE-Greystar has closed on its purchase of the Mill at Mill Creek, a 516-unit multifamily property here in the Seattle submarket of Mill Creek. The company financed the purchase with a $46.3-million loan.
Although sources involved would not confirm the purchase price, an unidentified source tells GlobeSt.com that it changed hands for approximately $71 million. Jones Lang LaSalle managing director David Young and VPs Seth Heikkila and Corey Marx led the team on the sale of the transaction, while executive managing director Tom Fish, managing director Faron Thompson, and VP Catherine Justice led the financing efforts.
“The Mill at Mill Creek generated intense interest from all types of investors across the country to capitalize on this prime region where rents are rising and vacancies diminishing,” says Young. Greystar will be able to immediately capitalize on this purchase, adds Young, “due to the property’s strategic location between the east side’s high-tech industry, and Boeing’s Everett plant.”
Kevin Kaberna, managing director of investments for Greystar in the Western and Central US, says that the company is “optimistic on the fundamentals of the Seattle market and will continue to seek out quality investment opportunities in the area.”
Although JLL tells GlobeSt.com that it cannot disclose the seller’s identity, GlobeSt.com learns from the unidentified source that the seller was a partnership between Rreef and Kennedy Wilson.
Fish points out that “Greystar’s sponsorship for this transaction commanded a very competitive execution, and the lender provided great terms and excellent service in getting this transaction closed by year end.”
The Mill at Mill Creek is located at 1324 Mill Creek Blvd. in Mill Creek, WA. The property was built in 1985 and underwent $6 million in renovations in 2009. It features 29 two- and three-story building and one clubhouse. The property is currently 97% occupied.
Categories: West, Multifamily, Acquisitions/Dispositions, Seattle
Natalie Dolce Natalie Dolce, editor of the West Coast region for GlobeSt.com and Real Estate Forum, is responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, Natalie was Northeast bureau chief, covering New York City for GlobeSt.com. Dolce’s background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats Arthur Frommer’s Budget Travel magazine, FashionLedge.com, Co-Ed magazine, and has also freelanced for a number of publications including MSNBC.com and Museums New York magazine. Contact Natalie Dolce.
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