Intercontinental Acquires Pair of Apartment Buildings

SEATTLE-Intercontinental Real Estate Corporation, a national real estate investment firm headquartered in Boston has acquired Belay and NOBA apartments.

This acquisition, made on behalf of Intercontinental's U.S. Real Estate Investment Fund, was originated out of the firm's Los Angeles office, led by Jessica Levin director, acquisitions.

Belay and NOBA are two apartment buildings consisting of 155 units, and are comprised of studio and one and two bedroom floor plans. Belay consists of 104 apartment units and represents 54,229 square feet of the portfolio. NOBA consists of 51 units and contributes 28,434 square feet to the portfolio. In total, the portfolio represents 82,663 square feet.

Both apartment buildings were newly constructed in 2013 in the growing submarket of Ballard. The property features two separate gated parking lots that provide a total of 134 spaces for the residents of both buildings.

Belay and NOBA are situated six miles from the Seattle Central Business District, across I-5 from the University of Washington, and only minutes from a number of parks and recreational areas. Overall, this area is known for its trend among young professionals attracted to the urban-infill location. Intercontinental has retained Pinnacle as the property manager and leasing agent for the portfolio.

“Seattle is a priority market for Intercontinental, because it's a fast growing city,” said Intercontinental CEO Peter Palandjian. “With a 24/7 dynamic and an amazing commercial rebound, Seattle is as strong as any metro area in America. We are fortunate to have partnered with Pinnacle for this acquisition and we look forward to more investment in Seattle on behalf of Intercontinental's union and public pension investors.”

Intercontinental Real Estate Corporation, headquartered in Boston, is an SEC registered investment adviser with expertise in real estate investment, development, asset management, and construction management. Since inception in 1959, Intercontinental has managed, developed, and owned over $6 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $2.5 billion for its clients.