SEATTLE-The Pinnacle Family of Cos. has purchased ShorewoodHeights, a multifamily community comprised of 645 apartment homeslocated on Mercer Island, WA. Pinnacle sources cannot release theidentity of the purchase price or seller due to a confidentialityagreement, except to say that the seller goes by Shorewood HeightsApts LLC of Des Moines, IA. However, an unidentified source notinvolved in the deal tells GlobeSt.com that it changed hands forapproximately $110 million.
The source points out that the property, located at 3209Shorewood Dr., was previously sold in December 2005 at a price of$141.3 million. The unidentified source also tells GlobeSt.com thatthe seller is a JV between Security Properties Inc. and PrincipalGlobal Investors.
The acquisition is a partnership between Olympic Investors—anequity platform within the Pinnacle Family of Cos.—and a publicpension fund represented by CS Capital Management of Los Angeles.Kenny Dudunakis of Hendricks & Partners represented the sellerin the transaction. Financing through Fannie Mae was arranged byAllan Edelson of CW Capital.
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