INCREASE Properties JV Pays $67M for Seattle Community – Multi-Housing News

14July 2020


Alto Apartments A joint venture between INCREASE Characteristics Trust and Westbrook Partners has actually settled the $66.5 million acquisition of Alto Apartments, a 185-unit community in Seattle. Hartz Mountain Industries sold the property, according to public records.

As part of the deal, the collaboration assumed a $35 million loan that Cigna offered the seller in 2017. The property last altered hands in 2013, when Mack Real Estate Development offered it for $62.3 million, Yardi Matrix shows.

Found at 311 Cedar St. in Seattle’s Belltown community, the 17-story building opened its doors in 2012 and has one- and two-bedroom floorplans ranging from 508 to 1,025 square feet. The LEED Silver-certified residential or commercial property has a retail component on the ground flooring and features consisting of a media space, service center, health club and clubhouse. The transit-oriented community is within 1 mile of both Amazon’s head office and the Pike Place Market.

In December, RISE Residences Trust finished the $101.5 million purchase of Salix Juanita Town, a 211-unit neighborhood in Seattle’s northeastern suburban area of Kirkland. Guardian Life Insurance Co. sold the property.Source: multihousingnews.com

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