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.

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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.

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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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“The acquisition of this quality asset represents a continuationof our strategy to purchase targeted class A multifamilycommunities in core markets across the US,” says John Goodman,chairman of the Pinnacle Family of Cos.

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The owners plan to complete additional improvements including anew feature swimming pool, upgraded landscaping, and expansion ofthe existing fitness center. This asset is slated to be a long-termhold. Pinnacle will provide property management services to theproperty and manage the contemplated upgrades.

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Shorewood Heights is a multifamily asset with the capacity fordevelopment of an additional 124 units. Located on 45 acres offorested grounds, the community boasts unsurpassed views of LakeWashington and the Cascade Mountains. Select apartment homesfeature fireplaces, elegant crown molding, oversized windows,washer/dryers and rich hardwood floors. Residents also enjoy theuse of a business center, concierge services, and tennis andbasketball courts in addition to the resident garden. ShorewoodHeights is situated within the highly regarded Mercer Island schooldistrict, according to a prepared statement, equidistant betweenSeattle and Bellevue and located near wide-ranging outdooramenities such as hiking and biking trails.

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The Pinnacle Family of Cos. is seeking investment opportunitiesin the range of $15 million to $250 million, targeting core assets,underperforming and/or distressed assets with value-add potentialthrough management, renovation, construction completion,repositioning or redevelopment.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.