Middle Market Digest: This Week in the North West

This week in the North West region, the news is seemingly all about multifamily. Check out all the news you might have missed below.—Natalie Dolce

NEWS & NOTABLES

SEATTLE—Zillow Group Inc., which houses a portfolio of the largest and most vibrant real estate and home-related brands on mobile and web, has appointed April Underwood to the company's board of directors, effective immediately. Underwood is vice president of product at Slack, a messaging platform for teams that brings all communication together, creating a single unified archive accessible through powerful search. She joined Slack as head of platform in June 2015.

SALK LAKE CITY—Coldwell Banker Commercial Advisors has added Chris Kirk to the Salt Lake City office at 111 Main as managing director. He will be partnering with industry leader, Brandon Fugal. With more than 20 years in the commercial real estate business, Kirk is a top producer and was formerly Executive Director of Cushman & Wakefield/Commerce, and is the incoming President of the Utah Chapter of the Society of Industrial and Office Realtors (SIOR). He represents some of the most prestigious projects and clients in Utah, according to a prepared statement.

DEAL TRACKER

SAN FRANCISCO—Holliday Fenoglio Fowler LP has arranged financing totaling $10.525 million for two Walnut Creek, CA, apartment communities, Vista Terrace and Oak Terrace. HFF worked exclusively on behalf of the borrower, PTLA Real Estate Group, to arrange financing in two separate transactions for the properties through a national bank lender. Both properties are secured by seven-year, fixed-rate loans. Vista Terrace is located at 1355 Mount Pisgah Road just east of numerous retail, dining and entertainment amenities in downtown Walnut Creek.

LAKEWOOD, WA—Security Properties purchased Beaumont Grand, a 267-unit, class B multifamily property located in Lakewood, WA for $35.2 million. The property was originally developed in 1995 and consists of 23 two and three story residential buildings spread out over more than 11 acres. Geographically, the city of Lakewood is situated just 9 miles south of Tacoma and less than two miles east of the Puget Sound. The property's strategic location also affords residents convenient access to two of the area's largest employers. Joint Base Lewis-McChord, the largest military base on the west coast, is located ~15 minutes south and supports a total of 66,000 jobs. Additionally, the 800-bed Western State Hospital employs roughly 2,100 and is located less than one mile west of the property.

SEATTLE—Champion Real Estate Company has acquired Union Bay Apartments, a 73-unit multifamily apartment community with 2,976 square feet of commercial space in South Lake Union. The property was purchased by an affiliate of Champion for $24m and is located in a prime submarket of the core Seattle metro area. The property was built in 1994 and has been family-owned for 23 years. It consists of generously-sized studio, one, and two bedroom units that cater to the various demographic groups in the area. The building also has one of the largest usable roof decks in South Lake Union with views of the Space Needle and Lake Union.

PORTLAND—Holliday Fenoglio Fowler has closed the $47 million sale of The Ellington, a 263-unit apartment community in Portland. HFF marketed the asset exclusively on behalf of Guardian Real Estate Services and its capital partner, Broadreach Capital Partners.  The Portland Housing Bureau purchased the offering free and clear of existing debt. The Ellington is situated on approximately 11 acres at 1610 NE 66th Avenue in Northeast Portland's Madison South neighborhood.  The property is adjacent to the historic Rose City Golf Course and less than a mile from the NE 60th Avenue MAX light rail station.  The Ellington offers a mix of studio, one-, two- and three-bedroom townhome-style units averaging 842 square feet each.

SEATTLE—Pacific Urban Residential has purchased the 357-unit Wasatch Hills apartment community from Wasatch Pool Holdings LLC. The property is located near downtown Renton, and is flanked by major employers in Renton, the Kent Valley, Tukwila, and Seatac. It is also enjoys efficient commuter access to employment in Seattle's core. Dave Schumacher, Senior Vice President of Colliers International represented Pacific Urban Residential. PUR closed out an active 2016 with over $1Billion in multifamily transactions spread between Portland, the Bay Area and Southern California.  The firm is now looking to increase its Seattle investment activities in 2017.

This week in the North West region, the news is seemingly all about multifamily. Check out all the news you might have missed below.—Natalie Dolce

NEWS & NOTABLES

SEATTLE—Zillow Group Inc., which houses a portfolio of the largest and most vibrant real estate and home-related brands on mobile and web, has appointed April Underwood to the company's board of directors, effective immediately. Underwood is vice president of product at Slack, a messaging platform for teams that brings all communication together, creating a single unified archive accessible through powerful search. She joined Slack as head of platform in June 2015.

SALK LAKE CITY—Coldwell Banker Commercial Advisors has added Chris Kirk to the Salt Lake City office at 111 Main as managing director. He will be partnering with industry leader, Brandon Fugal. With more than 20 years in the commercial real estate business, Kirk is a top producer and was formerly Executive Director of Cushman & Wakefield/Commerce, and is the incoming President of the Utah Chapter of the Society of Industrial and Office Realtors (SIOR). He represents some of the most prestigious projects and clients in Utah, according to a prepared statement.

DEAL TRACKER

SAN FRANCISCO—Holliday Fenoglio Fowler LP has arranged financing totaling $10.525 million for two Walnut Creek, CA, apartment communities, Vista Terrace and Oak Terrace. HFF worked exclusively on behalf of the borrower, PTLA Real Estate Group, to arrange financing in two separate transactions for the properties through a national bank lender. Both properties are secured by seven-year, fixed-rate loans. Vista Terrace is located at 1355 Mount Pisgah Road just east of numerous retail, dining and entertainment amenities in downtown Walnut Creek.

LAKEWOOD, WA—Security Properties purchased Beaumont Grand, a 267-unit, class B multifamily property located in Lakewood, WA for $35.2 million. The property was originally developed in 1995 and consists of 23 two and three story residential buildings spread out over more than 11 acres. Geographically, the city of Lakewood is situated just 9 miles south of Tacoma and less than two miles east of the Puget Sound. The property's strategic location also affords residents convenient access to two of the area's largest employers. Joint Base Lewis-McChord, the largest military base on the west coast, is located ~15 minutes south and supports a total of 66,000 jobs. Additionally, the 800-bed Western State Hospital employs roughly 2,100 and is located less than one mile west of the property.

SEATTLE—Champion Real Estate Company has acquired Union Bay Apartments, a 73-unit multifamily apartment community with 2,976 square feet of commercial space in South Lake Union. The property was purchased by an affiliate of Champion for $24m and is located in a prime submarket of the core Seattle metro area. The property was built in 1994 and has been family-owned for 23 years. It consists of generously-sized studio, one, and two bedroom units that cater to the various demographic groups in the area. The building also has one of the largest usable roof decks in South Lake Union with views of the Space Needle and Lake Union.

PORTLAND—Holliday Fenoglio Fowler has closed the $47 million sale of The Ellington, a 263-unit apartment community in Portland. HFF marketed the asset exclusively on behalf of Guardian Real Estate Services and its capital partner, Broadreach Capital Partners.  The Portland Housing Bureau purchased the offering free and clear of existing debt. The Ellington is situated on approximately 11 acres at 1610 NE 66th Avenue in Northeast Portland's Madison South neighborhood.  The property is adjacent to the historic Rose City Golf Course and less than a mile from the NE 60th Avenue MAX light rail station.  The Ellington offers a mix of studio, one-, two- and three-bedroom townhome-style units averaging 842 square feet each.

SEATTLE—Pacific Urban Residential has purchased the 357-unit Wasatch Hills apartment community from Wasatch Pool Holdings LLC. The property is located near downtown Renton, and is flanked by major employers in Renton, the Kent Valley, Tukwila, and Seatac. It is also enjoys efficient commuter access to employment in Seattle's core. Dave Schumacher, Senior Vice President of Colliers International represented Pacific Urban Residential. PUR closed out an active 2016 with over $1Billion in multifamily transactions spread between Portland, the Bay Area and Southern California.  The firm is now looking to increase its Seattle investment activities in 2017.