Seattle, WA (January 29, 2019) – CBRE Capital Markets has arranged the sale and financing of The Redwood, a newly constructed, 75-unit apartment community in Seattle’s Capitol Hill neighborhood.
Steven Chattin, Mitchell Belcher and Jay Timpani of CBRE’s Seattle office represented the seller in the transaction, 111 21st Ave E, LLC, a subsidiary of Johnson & Carr, who also developed the property. The buyer was Wilshire Capital of El Segundo, CA. John Lo of CBRE’s Debt & Structured Finance group arranged the non-recourse, full-term interest only acquisition financing for the buyer, provided by a national non-bank lender.
“Seattle continues to command tremendous demand from out-of-state investors,” said Jay Timpani, First Vice President. “A superior product constructed to showcase the beauty of the Northwest and positioned in the heart of Seattle, The Redwood will continue to benefit from the rapidly expanding population and employment growth.”
“Seattle owners and investors are benefiting from the large and deepening pool of non-bank capital in the market,” said John Lo, Senior Vice President. “Non-traditional capital is extremely competitive for the Seattle market and can provide more attractive terms than traditional lenders for new or existing properties.”
Located at 111 21st Ave E, The Redwood takes cues from its environment, incorporating modern, Pacific Northwest-inspired features such as wood accents, custom metal fabrication and native landscaping. The property’s 75 studio apartments include exceptional unit amenities, including luxury finishes and stainless-steel appliances. The average unit size is approximately 280-square-feet (sq. ft.)–with a select few housing a loft for extra floor space. The building comes stocked for the tenants with on-site laundry, bike storage, a rooftop deck with a BBQ, and sweeping views of the Cascades and Seattle skyline.
Completed in Fall 2017, the building was 100% leased within six months, attributed to the growing base of young professionals in Seattle. With a preferred location and contemporary design, The Redwood is well-positioned to benefit from significant rent and employment growth, as Seattle continues to rapidly expand. Boasting a Walk Score® of 90, a bike score of 92 and a transit score of 70, the location is exceptional for students and professionals in the area. The Redwood is in one of the most vibrant districts in Seattle, and is surrounded by an array of grocery stores, restaurants, health services and parks, giving tenants access to Seattle’s best offerings.
About CBRE Group, Inc.CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Johnson & Carr, Inc.Johnson & Carr, Inc. is a local Seattle developer of multi-family and mixed-used projects located in City’s urban core. Founded by Tyler Carr and Kelten Johnson in 2010, the company specializes in creative applications of urban infill with a focus on providing affordable and sustainable housing. Over the past eight years, J&C is responsible for developing roughly 1,300 residential units valuing over $200MM through the successful execution of 25 ground-up projects.
