Search
 

Cobalt Properties Sells Majority Stake in Belara

AUBURN, WA-The new 430-unit apartment development is about 20% leased. Cobalt's new partner is San Diego-based Colrich and its equity partner.

By Brian K. Miller | Updated on June 12, 2006

AUBURN, WA-Cobalt Properties of Seattle has sold a majority stake in Belara at Lakeland, a 430-unit apartment development here that is about 20% leased. Cobalt’s new partner is San Diego-based Colrich, which acquired the interest in partnership with Apollo Real Estate Advisors.

The property is located east of Highway 167 at 6170 Terrace View Lane SE, providing views of Sumner Meadows Golf Links. Kenny Dudunakis of Hendricks & Partners, who brokered the transaction, tells GlobeSt.com that leasing for the garden-style development started in January. The first phase of the development is complete and the second phase should be done at the end of August.

Dudunakis declined to comment on the value of the transaction. Other local sources tell GlobeSt.com the development was valued at around $50 million, which translates to a stabilized cap rate in the 5% range.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.