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MUKILTEO, WA-Legacy Partners has acquired the 558-unit On the Green at Harbour Pointe apartment community here for $69 million ($123,650 per unit). The equity capital for the transaction was provided by GMAC Institutional Advisors. GMAC Commercial Mortgage provided the debt.
Legacy Partners local SVP Kerry Nicholson tells GlobeSt.com the complex will see exterior and unit upgrades and may be partially converted to condominiums, but adds the fundamentals necessary for its future as a strong rental property are shaping up nicely. Legacy also owns the Bella Terra complex within Harbour Pointe.
"The combination of the job growth and the irreplaceable nature of this type of property--there are only so many planned communities in the area and finding one like this that is built well, abuts one of the region's nicer golf courses and has such an impressive amenity package--makes this a good play," says Nicholson.
The 32-building complex sits on 28.16 acres at 12303 Harbour Pointe Blvd., which has frontage on the Harbour Pointe Golf Course. Common amenities include a resort-style clubhouse with fitness equipment, full-size indoor basketball court, indoor swimming pool, spa and sauna, and a tanning salon. Other amenities include two outdoor swimming pools and multiple playgrounds.
Built in the early 1990s, the community is 95% leased at an average lease rate of just under $1 per sf. The units vary in size from 661 sf to 1,231 sf and come with all major appliances, woodburning fireplaces and vaulted ceilings. Refurbishments on the apartments will include resurfacing of kitchen and bath counters, new light fixtures, hardware, wood baseboards, plumbing fixtures, and an updated paint scheme.
The seller was On the Green LLP, which consists of Yuko Amemiya and other investors. The brokers were Tim Campbell and Jeff Gilson of Pinnacle Realty Management Co. GMAC Commercial Mortgage provided the debt. The equity capital for the transaction was provided by GMAC Institutional Advisors.
Legacy also owns Bella Terra, another apartment complex within Harbour Pointe, and last year acquired another golf course property at the other end of the Puget Sound area, the 545-unit On the Green at Northshore Apartments in Tacoma, for $50 million. In November, it acquired the historic, 139-unit Queen Anne High School Apartments in Seattle for $25.5 million and announced plans to convert the building into upscale condominiums. Legacy Partners Residential Inc., run by John Hatton, manages all of these properties.
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