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8/01/22
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MIG Real Estate has purchased Cedar Rim, a 104-unit apartment community in Newcastle, WA. Although we don’t have the sales price, we can tell you that the deal was financed with a loan for $23.6 mil.
Located at 7920 110th Ave. SE, the community consists of 13 four-floor buildings on 4.37 acres. The lakeside complex features an outdoor lounge, grilling stations, a covered stone fireplace, carports available for rent, package lockers and a sunbathing deck. The apartments offer two-bedroom floorplans and feature keyless smart door locks, smart thermostats, stainless steel appliance packages, oversize windows and in-unit washers and dryers.
Bill Chiles, Scott Peterson, Brian Cruz and Colby Matzke of CBRE Capital Markets’ Debt & Structured Finance arranged the 10-year, floating-rate loan for MIG Real Estate.
“Cedar Rim was built in 1981 and renovated between 2006 and 2008 with new roofs, building exteriors and other amenity improvements,” said Peterson. “Most of the unit interiors were renovated during the same timeframe as well, but MIG plans to finish those renovations on the remaining apartments. They will also upgrade the recently renovated apartments where needed to the same high-quality standards.”
The Bellevue CBD remained the center of development activity in the Puget Sound region, according to CBRE research, with the office market quickly expanding. Downtown Seattle, the largest employment center in the state, is a 20-minute drive from Cedar Rim as well. These employment opportunities combined with the jobs from other smaller metros in the area provide ample work opportunities to the tenants of Cedar Rim.
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