SEATTLE-New Jersey-based Hartz Mountain Industries has expanded to the West Coast by purchasing Alto Apartments, a 184-unit residential tower in the popular Belltown section of Seattle.

The Alto is located within close proximity to popular destinations and employers by foot or public transportation.  Alto's thriving urban neighborhood boasts popular restaurants, boutiques, and nightclubs.  Hartz Mountain caters to a musical clientele at its Tribeca Grand and Soho Grand Hotels in New York City and appreciates the building's name Alto in honor of the site, which was once the home of the Musician's Association of Seattle formed in 1889.

“Everything about the Alto Apartments says attention to detail and the outstanding views of the Olympic Mountains, Puget Sound, the Space Needle and the downtown skyline make it a perfect place to live, work and play,” said Emanuel Stern, president and chief operating officer for Hartz Mountain.

While Hartz Mountain's strategy for increasing its residential asset class focuses on newly constructed developments in fast-growing urban areas on the East Coast it is Hartz' goal to continue to survey the national markets for other quality residential acquisitions like the Alto.

Stern continues, “Alto Apartments offered Hartz an exciting opportunity that we could not pass up along with making it a meaningful acquisition in a market that is both flourishing and still nowhere near its full potential.”

“Hartz Mountain is known for their portfolio of well-located, luxury rental communities in metropolitan areas,” said Jim Atkins, managing director of Harbor Properties.  “They have developed over 1,500 residential units of their own and will be great stewards of Alto Apartments.”

Jeff Dunne of CBRE's New York Institutional Group represented Hartz Mountain had the following comments on the acquisition: “The Seattle market is an exciting investment opportunity for Hartz and Alto's high-rise construction and transit-oriented location should provide for long-term rental growth.”

The property was constructed in 2012 and enjoys modern, class A apartment finishes. The rich amenity package at the property includes a glass-enclosed penthouse lounge, Viking BBQ grilling stations, community room, common area wi-fi, bike storage, state-of-the-art fitness center, two on-site Zipcars and other modern urban-centric amenities.

Hartz Mountain was represented in the purchase by Dunne and Christopher Leonard, also of the New York Institutional Group. James Gunning and Donna Falzarano of CBRE's Debt & Equity Finance team secured the debt for Hartz Mountain. Jon Hallgrimson, Frank Bosl and Eli Hanacek of CBRE's Seattle office represented the seller.

Headquartered in Secaucus, NJ, Hartz Mountain Industries, Inc. owns and manages one of the largest privately held commercial real estate portfolios in the United States, comprised of approximately 200 properties and totaling more than 38 million sq. ft. in the northern New Jersey/New York area.  In 2010, Hartz acquired a four-property apartment portfolio which has since grown to more than 4,000 units.