SEATTLE-The Pinnacle Family of Cos. has purchased Shorewood Heights, a multifamily community comprised of 645 apartment homes located on Mercer Island, WA. Pinnacle sources cannot release the identity of the purchase price or seller due to a confidentiality agreement, except to say that the seller goes by Shorewood Heights Apts LLC of Des Moines, IA. However, an unidentified source not involved in the deal tells GlobeSt.com that it changed hands for approximately $110 million.
The source points out that the property, located at 3209 Shorewood Dr., was previously sold in December 2005 at a price of $141.3 million. The unidentified source also tells GlobeSt.com that the seller is a JV between Security Properties Inc. and Principal Global Investors.
The acquisition is a partnership between Olympic Investors—an equity platform within the Pinnacle Family of Cos.—and a public pension fund represented by CS Capital Management of Los Angeles. Kenny Dudunakis of Hendricks & Partners represented the seller in the transaction. Financing through Fannie Mae was arranged by Allan Edelson of CW Capital.
“The acquisition of this quality asset represents a continuation of our strategy to purchase targeted class A multifamily communities in core markets across the US,” says John Goodman, chairman of the Pinnacle Family of Cos.
The owners plan to complete additional improvements including a new feature swimming pool, upgraded landscaping, and expansion of the existing fitness center. This asset is slated to be a long-term hold. Pinnacle will provide property management services to the property and manage the contemplated upgrades.
Shorewood Heights is a multifamily asset with the capacity for development of an additional 124 units. Located on 45 acres of forested grounds, the community boasts unsurpassed views of Lake Washington and the Cascade Mountains. Select apartment homes feature fireplaces, elegant crown molding, oversized windows, washer/dryers and rich hardwood floors. Residents also enjoy the use of a business center, concierge services, and tennis and basketball courts in addition to the resident garden. Shorewood Heights is situated within the highly regarded Mercer Island school district, according to a prepared statement, equidistant between Seattle and Bellevue and located near wide-ranging outdoor amenities such as hiking and biking trails.
The Pinnacle Family of Cos. is seeking investment opportunities in the range of $15 million to $250 million, targeting core assets, underperforming and/or distressed assets with value-add potential through management, renovation, construction completion, repositioning or redevelopment.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her 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 for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
