Sunday, November 6, 2016

HFF closes $87 million sale of 1,240-stall parking garage in downtown Seattle, WA

Pacific Place Garage Apartments, 1612  6tth Avenue, Downtown Seattle WA

Nicholas Kucha
PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $87 million sale of Pacific Place Garage, a 1,240-stall subterranean parking garage adjacent to the Nordstrom national flagship store in downtown Seattle, Washington.

HFF marketed the property on behalf of the seller, the city of Seattle.  Madison Marquette purchased the asset.

The six-level Pacific Place Garage contains 440,185 square feet situated on 2.08 acres in downtown Seattle.  The garage was completed in 1998 and features valet and self-service parking in addition to six hydraulic passenger elevators. 

Located at 1612 6th Avenue, the garage is below Pacific Place Shopping Center, a five-story, 335,000-square-foot retail, restaurant and entertainment destination anchored by an 11-screen AMC Theatre.

 In addition to the adjacent flagship Nordstrom, the garage is in the heart of downtown Seattle’s retail core in an area with a Walk Score® of 99 – a Walker’s Paradise – and proximate to 14.6 million square feet of office space. 

The HFF investment sales team was led by senior managing director Nicholas Kucha.  Kinzer Partners, represented by Dugan Earl, Kris Curtis and Craig Kinzer, co-brokered the transaction.

For a complete copy of the company’s news release, please contact:

Kristen Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax 617.338.2150 |

Gelt, Inc. Acquires 228-Unit Apartment Community Near Portland, OR for $39.5 Million

Keith Wasserman
 Los Angeles, CA – Marking its first acquisition in Oregon, Gelt Inc., a Los Angeles-based real estate investment and asset management firm, has acquired Powell Valley Apartment Homes for $39.5 million. The 228-unit apartment community is located at 1500 SW Pleasant View Drive in Gresham, a suburb of Portland. The seller was Jackson Square Properties.

“Powell Valley Apartment Homes is an ideal asset to add to our expanding portfolio,” said Keith Wasserman, partner with Gelt. “We liked that this well-maintained garden-style asset is in Gresham, a strategically located Portland submarket with minimal multifamily product being developed over the past several years, and a very limited pipeline of future development.

“Subsequently, Gresham is experiencing some of the best rental apartment metrics in the nation as occupancy is hovering close to 100 percent.” 

Wasserman added: “The Portland region’s job market has grown at a strong pace in recent years. This, coupled with significant in-migration into the area has led to an increasingly high demand for apartment units.”

Built in 1999 and situated on 9.23 acres, the property includes 18 residential buildings as well as a newly renovated clubhouse building with a leasing office, 24-hour fitness center, conference room and internet café.

Other on-site amenities include a swimming pool, year-round covered spa, an outdoor playground, a dog run, and covered garages. The property includes 38 one-bedroom units, 186 two-bedroom units, and four three-bedroom units. Each unit has a full-size washer and dryer, large deck or private patio, and exterior storage closet.

Jeffrey Harris
The seller recently renovated approximately 92 unit interiors with modern upgrades. In order to tap into renter demand for high-end finishes, Gelt plans to immediately embark on adding value to the asset by renovating approximately 100 additional units with vinyl plank flooring, stainless steel appliances, new fixtures, window covering, and new cabinet faces.  

“As a private equity firm focused on the multifamily sector, the strong fundamentals in the Portland market indicate to us that the area is primed for consistent, long-term growth and subsequently will provide strong returns for Gelt and our investors,” said Jeff Harris, director of acquisitions with Gelt. “We are thrilled to have acquired our first property in the Portland region, and we are looking to continue purchasing well-located multifamily assets in this market.”

Gresham is located on the eastern edge of Portland, and is Oregon’s fourth largest city. With a population of more than 109,000 residents, it is the second largest city in the Portland/Vancouver region.  Gresham not only benefits from a key location just 15 minutes from downtown Portland, it is also home to major corporations which employ thousands of people including Subaru, Boeing, Microchip, Xerox, U.S. Bank.

Tyler Johnson, Cody Hagerman, Greg Frick and Rob Marton of HFO Investment Real Estate represented both the buyer and seller in the transaction. The financing was arranged by Brian Eisendrath and Cameron Chalfant at CBRE.

For a complete copy of the company’s news release, please contact:
Darcie Giacchetto


29th Street Capital Acquires Eighth Bay Area Multifamily Property in Concord, CA

Tradewinds Apartments, Concord, CA

Casey Davis
Concord, CA – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Tradewinds Apartments in Concord, California.

The multifamily community is in the East Bay submarket of San Francisco. Tradewinds contains one-, two- and three-bedroom units, offering floorplans and a location that appeals to both families and working professionals.

29SC purchased the asset off-market from the heirs of a family trust.  The firm plans approximately $400,000 worth of renovations, which will include new appliance packages, microwaves, lighting and hardware along with accent walls. 

Exterior improvements will include fresh paint, modern signage, pool deck upgrades and repairs to wood paneling.

“We are very excited about this acquisition,” said Casey Davis, 29th Street Capital’s Vice President of Acquisitions for California. “Tradewinds is a value-add asset in a great location with excellent schools, plentiful employment opportunities, and extremely strong submarket fundamentals for recently renovated multifamily product.”

The transaction closed on October 25. The sale price was not disclosed. The 25-unit community was built in 1971.

For a complete copy of the company’s news release, please contact: Terri Thornton
Partner, Thornton Communications
Phone: 404-932-4347