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LYNNWOOD, WA-The 238-unit Avalon Wildwood Apartments are being converted to condominiums by ColRich, a San Diego-based developer that acquired the property in September for $44.5 million, of $187,000 per unit. Based on information GlobeSt.com obtained about the financing, ColRich plans to spend an additional $10 million related the conversion, bringing its all-in cost to $227,000 per unit.
ColRich is a Western US player working in partnership with OMI, a CalPERS fund run by Resmark. ColRich acquires and develops a variety of commercial property types, but specializes in centrally located apartment properties suitable for condominium conversions.
Real estate investment bank Buchanan Street Partners says it sourced $43.1 million in financing for the endeavor from LaSalle Bank. Industry sources tell GlobeSt.com the two-year financing includes a 70% loan-to-cost first mortgage at Libor plus 250 basis points and a 10% mezzanine piece at Libor plus 650 basis points.
The property is located at 3116 164TH St SW. No detail was immediately available on its timeline and pricing for the conversion. Lynnwood is located 17 miles north of Seattle and four miles south of Everett, which is the home of Boeing's largest facility. Lynnwood provides access to all major employment zones, making it a desirable location for residents.
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