Seattle
Snohomish County M-F Property Trades Hands for $50M
Located at 12303 Harbour Pointe Boulevard, On the Green at Harbout Pointe gets its name from its position, directly adjacent to a golf course. The property offers up a number of 294 units, bringing Security’s total close to 600 residential units in three properties in Snohomish.
Price of Seattle waterfront building shoots up 374% in less than 3 years
Equity Residential made a huge profit on an old Seattle waterfront building, selling it this week for $32.5 million.
GID Development Group Constructing Seattle Apartment Tower
GID announced plans to build a 41-story, LEED Silver certified multi-family high-rise in the heart of downtown Seattle near Amazon.com’s world headquarters.
Iconic Seattle M-F Property Trades Hands for $94M
Seattle’s multifamily market has recently taken a backseat to the impressive milestones of the Amazon-driven office market. However, during the past few weeks, the residential market seems to have picked up its pace and is now also breaking all sorts of records. The recent trade of the Archstone Belltown building recently became one of the largest residential transactions in recent memory after Mill Creek Residential Trust LLC acquired the building for a fee of $94 million from seller Equity Residential.
Union Square L.L.C. Receives $400M in Loan Refinancing for Seattle Skyscrapers
Union Square L.L.C., owned by Washington Real Estate Holdings and a major pension fund investor, received $400 million in refinancing for Union Square, two office buildings in Seattle.
Apartment Building Trade in Upscale Queen Anne Breaks Record
A growing multifamily market is the result of the city’s booming office sector, and with the end well out of sight for growth in Seattle, records are starting to fall. Recently, the sale of a small apartment building in the city’s upscale Queen Anne neighborhood set a new high for properties with less than 100 residential units. The buyer is 17910 Burbank Limited Liability Co. who paid $14.65 million to developer Zaser & Longston Inc. for the Elliott Bayview Apartments.
Growing Commercial Bank Signs Two New Washington Leases
The appeal of the Northwest’s growing economy was once again highlighted as emerging financial institution Opus Bank has announced that it is in contract for two spaces in the state of Washington where it will begin operations later this year. The bank has chosen locations in Seattle and Tacoma as its ice breakers for the region, and with strong growth driving its current activity, it won’t be surprising if the entity will go on to sign a few more leases in the area.
New Convention Hotel Project Eyed for Seattle’s Downtown
With an opening tentatively set for 2017, the project would feature a six-story podium that will also contain around 40,000 square feet of retail space, the hotel’s lobby and an affordable housing component. The project aims to fill a void of new convention and meeting space, as the developer claims that around 100 conventions backed out of Seattle due to a lack of openings. The property would cash in on that existing demand and provide a space that would also boost the area’s hospitality stats to boot.
Bellevue Gains Brand-New Mixed-Use Project as Area Development Picks Up
Originally thought to be the result of a partnership between SRM and Denver-based Frontier Renewal, the latter eventually announced that it is selling its stake in the project. SRM Development is currently involved in a number of developments in Bellevue, as well as in charge of Google’s campus in nearby Kirkland. The company is certain that the growing number of residential units ready to hit the market in the immediate future is motivated, and has ruled out overdevelopment.
Capstone Plans Redmond, Portland Developments
Two developments in the Northwest’s largest metro areas are moving forward after developer Capstone Partners cemented its involvement with them only recently. The company acquired a 28-acre development site in Redmond from Group Health Cooperative for a $32.55 million fee. The company plans to develop a mixed-use project on the newly acquired site, mainly to capitalize on Microsoft’s expansion in the area. The other project the company has lined up is a grocery-anchored community in Portland. That announced development would cost the company around $60 million.