Seattle Market

Continued Strength of North End Market Speeds Sale of Everett Apartment Community

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December 12, 2013, By Gallen Neilly, National Real Estate Investor –  SEATTLE— Jones Lang LaSalle’s Capital Markets experts today announced the $8.7 million sale of Meridian Glen, an 86-unit apartment community in the desirable Silver Lake submarket of Everett, Wash. The buyer was Chicago-based Randolph Street Realty Capital LLC.
Jones Lang LaSalle’s Managing Director David Young, Senior Vice Presidents Corey Marx and Seth Heikkila, and Associate Matt Kemper led the team on this transaction.
Located at 12115 Meridian Avenue South and completed in 1990, Meridian Glen consists of two and three-story garden style buildings on 3.32 acres.  Community amenities include covered parking, a clubhouse, athletic center, indoor pool and spa with hot tub, sunning patio and children’s playground. Read More

URDANG and Randolph Street Realty Capital Acquire 163-unit Building

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July 2011, New York Real Estate Journal – TACOMA, WA –  URDANG, the real estate investment manager and part of BNY Mellon Asset Management, and its joint venture partner Randolph Street Realty Capital have acquired a partially completed 163-unit class A apartment building.  URDANG made its portion of the acquisition through Urdang Value-Added Fund II L.P., a closed-end private real estate fund managed by Urdang Capital Management, Inc. The property was purchased from a private seller. Terms of the transaction were not disclosed.

The apartment building, located prominently on a hill at 2368 South Yakima Avenue, overlooks downtown Tacoma. Jeffrey B. Reder, senior vice president, acquisitions, Urdang Capital Management, said the building is approximately 50 percent finished and that he expects it to be completed by the summer of 2012. “We expect this building will have among the best interior finishes and amenity packages in the market, including a state-of-the-art fitness center, theater room and outdoor courtyards.” Read More

Origin Capital/Randolph Street Partnership Sells Seattle, WA Multi-Family Property

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July 9, 2014, MultifamilyBiz.com – CHICAGO, IL – A partnership that includes Origin Capital Partners (“Origin”) and Randolph Street Realty Capital (“Randolph Street”) has completed the sale of The Residences at 3295 in Seattle, Wash., just two years after its acquisition and following the completion of a build-out and repositioning program. The property was sold to an institutional multi-family investor for $15.5 million.  The brokerage firm of Hendricks-Berkadia represented the sellers.

The Residences at 3295 is a six-story, 60-unit apartment project that also includes 2,784 square feet of ground floor retail space. At the time of its sale, the residential units were 95 percent leased and the retail space was leased in total to a neighborhood restaurant and lounge through 2018.  Read More