PORTLAND, OR – October 12, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces $20 million sale of Arterra Townhomes, an 81-unit, garden-style apartment property in Kent, Washington.
The HFF team marketed the property exclusively on behalf of the seller, a joint venture between PCCP, LLC and Westbridge Properties LLC. Meter Properties purchased the asset free and clear of existing financing.
Arterra Townhomes features spacious townhome-style units averaging 1,376 square feet with community amenities, including a swimming pool, fitness center, playground, clubhouse and business center. The property is situated on nearly five acres at 10031 SE 258th Place in the heart of one of Kent’s major retail corridors placing it less than two miles from the Kent Station mixed-use development, which features office space, a movie theater and numerous retail and entertainment options. Additionally, Arterra Townhomes offers nearby access to multiple forms of public transportation and major roadways, including Interstate 5 and State Route 167, servicing the Puget Sound area. The property is 97.53 percent leased.
The HFF team representing the seller included director Christopher Ross and managing director Ira Virden.
“With only a handful of renovated units, Arterra offers a tremendous value-add opportunity in one of the strongest submarkets in the region,” Ross said. “The large townhome-style units offer residents a unique floorplan that provides an affordable alternative to purchasing a single-family residence.”
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed over $12 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Westbridge Properties LLC
Westbridge Properties LLC is a privately capitalized real estate investment firm headquartered in San Francisco, California. Led by a team of seasoned real estate professionals, Westbridge is focused on the acquisition and repositioning of multifamily and select commercial properties throughout the western United States.
About Meter Properties
Meter Properties is a unique investment and development group with a focus on taking advantage of changing demographics, land and social change to create exceptional housing options for renters, which result in outstanding investment returns. Meter utilizes acquisitions, development, design and property management expertise to take advantage of opportunities in core urban locations.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.