SEATTLE-AREA Property Partners has joined with Harbor Properties Inc. and Urban Partners LLC to create a partnership focusing on multifamily rental projects in Seattle. Harbor and Urban recently merged their existing Seattle offices and are operating as Harbor Urban LLC. The trio will complete its existing construction pipeline as well as future development projects in the region. Heartland Capital Advisors LLC, based here, served as Harbor Properties’ advisor over the past year in developing the strategic partnership.
“First and foremost, AREA brings capital to the partnership,” Matthew Burton, a principal with Urban Partners, tells GlobeSt.com. “Equally as important, they bring a long history of development expertise since their background is deep roots in development. They also bring very good advice and counsel as it relates to moving forward on development projects.” Burton adds that the partnership will look at a handful of Seattle submarkets where it has property either under contract or under letter of intent to further its development projects.
“AREA is very excited about Seattle and the demographic trends supporting the multifamily investment and development market,” says Richard Mack, North America CEO of AREA. “Investing alongside Harbor Urban LLC gives us the opportunity to benefit from these trends.”
Harbor Urban will focus on the development of sustainable urban infill projects, including high-rise residential and neighborhood workforce housing. The merger makes Harbor Urban one of the most active developers in the region: combined, the company owns and operates more than 1,100 residential units, with an additional 1,500 residential units in planning or under construction, representing more than $600 million in total investment.
“The merging of our teams brings significant benefits to both our firms, and an infusion of capital allows us to enhance and expand our commitment to communities throughout Seattle,” says Doug Daley, CEO and president of Harbor Properties. “It also gives us the capacity and resources to move forward with several exciting new development projects.”
The partnership between the companies is a continuation of what Harbor Properties has been creating over the past 40 years in urban neighborhoods throughout Seattle. The company is recognized in the region for developing market-rate workforce-housing projects with appealing design, and collaborating with stakeholders to create livable, walkable and sustainable mixed-use communities close to transit.
Harbor Properties broke ground in September 2011 on GreenHouse, the first significant new residential market-rate apartment project to be developed in the emerging Columbia City neighborhood in more than 10 years. Harbor also started construction in December 2011 on Nova, its third multifamily project in West Seattle, and Alto, a 184-unit apartment tower in Belltown, is due for completion by Harbor Urban later this month.
Harbor Urban broke ground this past November on Kavela, a 63-unit apartment complex located in the Roosevelt-Green Lake neighborhood. In addition, the company is moving forward on Viktoria Apartments, a 24-story, mixed-use project in Belltown that the company is developing in partnership with Goodman Real Estate and Capri Capital Partners LLC. Victoria is slated for completion in late 2013.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
