|
|
12/01/20
|
Sack Properties purchased Chateau Woods, 114-unit apartment community in Woodinville, WA, in a $47.75 mil ($419k/unit) transaction. Chateau Woods was sold by BPM Real Estate.
Built in 2008, Chateau Woods is an “Energy Star Certified” condo-quality asset located at 18250 142nd Ave in Woodinville. The property mix includes 59 one-bedroom units and 55 two-bedroom units. The average unit size is 978 sf, and 36% of the units include a den. The elevator-served community also has a resident clubhouse, a 24-hour fitness center, bike storage, and outdoor courtyards with dining and barbeque areas.
Chateau Woods is adjacent to the region’s technology hubs of Bellevue, Redmond, Kirkland and Seattle. Nearby employers include Amazon, Microsoft, Google, and Facebook, all of which are expanding their physical footprint on the Eastside. Most recently, Amazon announced their intention to build “HQ3” in Bellevue which would place an additional 22,000 employees at that location over the next five years
“Chateau Woods fits perfectly into our long-term portfolio of suburban multifamily properties,” said Kirby Sack, CEO of Sack Properties. “Our investment mandate focuses on owning and operating in high-quality Western United States submarkets. Typically our assets are of older vintage, but here we were able to uncover opportunity in a 2008 asset. Chateau Woods’ winning formula is the combination of excellent location, newer product, and growth opportunity.”
Sack is a 62-year-old, San Francisco-based real estate investment and management firm with a $750 mil portfolio of approximately 2,500 multifamily units throughout the Western United States. Sack Properties’ other Washington State properties include Summit Redmond in Redmond and The Mill in Mill Creek.
Sack was represented by the Pacific Northwest Institutional Property Advisors (IPA) team of Giovanni Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske. Charles Halladay, Peter Smyslowski, Chris Gandy and Matt Cimino with JLL Capital Markets arranged financing for the buyer.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
