Bellevue, WA (August 8, 2016) – An investment group led by Wallace Properties has acquired Park at Northgate apartments for a purchase price of $33,000,000. Park at Northgate, located at 10713 Roosevelt Way, contains 146 two bedroom apartment units on five acres of land located within a half mile of the Northgate Transit Center, where Sound Transit will open a light rail station in 2021. The site complements Wallace’s Enclave project across the street to the west. In addition, Wallace has a nearby parcel in the permit pipeline, designed for 140 units and slated to commence construction in 2017.
One of only six urban centers in Seattle, Northgate has experienced a great revitalization over the last decade. The city provided major investments in parks, sidewalks, a community center and library, and road improvements to enhance connections for cars, busses, and bicycles. The planning department laid the groundwork for increased density in the area, adopting the environmental impact studies and transportation plans necessary to accommodate new growth. Northgate’s largest property owner, Simon Properties, completed major renovations to the Northgate Mall. Together, Wallace Properties and other developers have already completed over 1,000 units of new transit-oriented residential projects, and now other developers are entering the mix as well, with a 219-unit apartment project breaking ground and a new hotel nearing completion.
Wallace plans to make minor renovations to Park at Northgate and work with the city to obtain additional development rights in exchange for providing affordable housing units on the site, in a manner consistent with the Mayor and Council’s housing affordability plans. “Park at Northgate represents a great opportunity for us to continue our mission of providing transit-oriented, sustainable workforce housing projects in the urban centers of the Puget Sound region. We have already provided more than 100 rent restricted apartment units in Northgate, and look forward to continuing to collaborate with the city on its workforce housing and transit-oriented development goals,” said Kevin Wallace, President of Wallace Properties. “In addition, the proximity of the project to the transit center and its non-residential location make it a perfect site for enabling future growth that will leverage the region’s multi-billion dollar investment in light rail,” he continued.
Wallace Properties acquired Park at Northgate from MG Properties, an apartment investment company out of San Diego. The acquisition was enabled by equity investments from the Wallace family and a group of local investors, as well as a loan arranged by James Bach of CBRE. Douglas Prince of Foster Pepper provided legal services for the acquisition, and the property will be managed by Pinnacle. Philip Assouad and Giovanni Napoli of Kidder Mathews were the brokers involved.
Wallace Properties is a commercial real estate company founded in 1978 and headquartered in Bellevue. It creates opportunities for high net worth investors to participate in local commercial real estate projects that benefit our community, as well as property management and brokerage services. The company is owned and run by Robert Wallace and Kevin Wallace, both of whom are active in a wide variety of civic activities focused on maintaining and improving the economic health of our region. For additional company information please visit: www.wallaceproperties.com.
