(EDITOR’S NOTE: According to a statement from the brokerage firm that handled the sale, Kidder Mathews, the sale closed for $65.5 million, or $471.223 per unit. Dylan Simon, Matt Laird and Jerrid Anderson of the Simon and Anderson team, a multifamily investment team based in Kidder Mathews’ Seattle headquarters, represented the seller in the marketing and sale of the property and directly sourced the buyer. The seller was an entity associated with Seattle-based Pacific Housing Northwest.)
August 16, 2022 — The Swig Company has completed its first purchase of a residential community in the Pacific Northwest by partnering with RISE Properties Trust (“RISE”) to acquire the 139-unit Colina Apartments in Seattle’s Beacon Hill neighborhood. Colina is a transit-oriented, LEED Gold multifamily community completed in 2021.
Located at 2709 17th Avenue South and next door to the Beacon Hill Light Rail Station, the six-story community offers residents a mix of studio, one- and two-bedroom units. Units have touch-free entry, high ceilings, abundant natural light, stainless steel appliances, hardwood-style flooring and WiFi options.
“We’ve been looking for the right residential property to add to our portfolio and we’re very happy to have the opportunity to acquire Colina and also partner with RISE, an experienced operator and investor with a stellar reputation. The community itself is in a great neighborhood, was thoughtfully designed and developed with an eye on sustainability and has expansive views,” said Stephanie Ting, Director of Investments, The Swig Company.
Matt Berg, Investment Manager at RISE, stated, “We see the opportunity as a great first venture between RISE and The Swig Company to invest in a high-quality building within a fast-growing submarket of Seattle. Sitting atop Beacon Hill on the light rail station, Colina has remarkable views and connects residents to the larger metro area via the adjacent light rail station.” Colina’s resident amenities include a fitness room, a rooftop community room, two roof decks with views of downtown and Mt. Rainier, a bike court and vehicle parking with EV charging facilities. The community has a green roof and solar panels, energy from which supplies hot water to the residences.
There is almost 4,200 s.f. of ground floor retail throughout the community which is fully leased. The local neighborhood features a wide range of restaurants, bars, breweries, bakeries and cafes as well as banks and grocery stores, all within walking distance.
Last month, The Swig Company made its first purchase in Seattle, closing on the Lake Union Building, a 91,000 s.f. multi-tenant office building with an attached marina at 1700 Westlake Avenue North. The company owns approximately 9 million square feet of prime office space in the San Francisco Bay Area, Seattle, New York and Southern California. In addition to its office footprint, The Swig Company looks to expand its residential presence through strategic acquisitions and partnerships.
Including Colina, RISE holds ownership positions in more than 6,500 apartment homes in the greater Seattle and Portland areas. This is the private Canadian REIT’s first partnership with The Swig Company.
The property will be managed by Thrive Communities, a Seattle-based property management firm withapproximately 19,000 apartments under management.
About The Swig Company:
The Swig Company, LLC is a privately-owned, San Francisco-based real estate operator with an 85-year history of investment, development, partnership and management of commercial real estate properties in major US markets. Founded by Benjamin H. Swig in 1936, The Swig Company is guided by a long-term investment perspective that has proven adept at stewarding investors safely through multiple market cycles. The company’s vertically-integrated operational platform, which includes investment, asset and property management, and leasing expertise, uses flexibility, generational thinking and sensitivity to sustainable practices to stay at the forefront of emerging trends in the commercial real estate industry.
About RISE Properties Trust:
RISE Properties Trust is a private Canadian REIT focused on the US multifamily sector in the Pacific Northwest. Through fully-integrated operations, the Trust acquires underperforming apartment properties and improves their operations, cash flow, and value.
About Thrive Communities
Thrive Communities is an award-winning property management firm with approximately 19,000 apartments under management. Their in-house renovation platform has improved over 5,200 apartments on both occupied and unoccupied units. Thrive’s fully-integrated and hands-on team approach ensures each asset is operating at its full potential while maximizing value for its clients.