NEWS & NOTABLES

SAN MATEO, CA—Reali, a real estate technology startup, recently launched its real estate marketplace that matches buyers and sellers at a fair price, by empowering users with modern tools and leveraging their mobile lifestyles in new and inspiring ways. Reali is also announcing a seed round of $2 million in funding from top Silicon Valley investors. Reali was founded in 2015 by Amit Haller and Ami Avrahami, experienced real estate developers and high-tech entrepreneurs, with a mission to create a seamless, transparent and efficient real estate experience. Most advances in real estate to date have focused on sections of the business or transaction. Reali is the only company to reinvent the entire model, from curiosity to close, for a market that generated $190 billion in revenue this past year according to a report from First Research. Reali will now introduce offerings in select San Francisco Bay Area real estate markets, such as Palo Alto and East Palo Alto. A demo house, located in downtown Palo Alto, allows local buyers & sellers to experience the Reali difference first hand. Within several weeks, Reali will expand its offerings to additional San Francisco Bay Area real estate markets, such as Mountain View, Menlo Park and Los Altos.

SEATTLE—Officials of The Dow Hotel Co., a leading national hotel owner/investor and operator, recently promoted Michele Oliveri as the director of sales and marketing of the 353-room Hilton Bellevue in Washionton state. In her new role, Oliveri will lead the sales team to forge new partnerships, expand existing alliances and enhance industry connections. DHC has extensive relationships with all the premium hotel brand families, independent boutique and life-style hotels and resorts.

DEAL TRACKER

VANCOUVER, WA—Mission Rock Residential LLC continues to accelerate company growth in 2016. They have added third-party management clientele, and their existing clients continue to expand to core markets. Mission Rock Residential just acquired management of Rock Creek Commons located in Vancouver, Washington for Hamilton Zanze Real Estate Investments.

The property consists of 240 units and four floor plan options, including one-, two- and three-bedroom layouts. Rock Creek Commons is approximately 20 miles from downtown Portland and only 10 miles from downtown Vancouver. Interior amenities include a washer/dryer, built-in microwaves, crown molding, and skylights in select apartments. Exterior amenities include a clubroom, fitness center, resident lounge and a business center.

BEAVERTON, OR—Trion Properties, a private equity commercial real estate firm that specializes in value-add multifamily investments along the west coast, has acquired Hidden Villas, a 61-unit, value-add apartment community in the Portland submarket of Beaverton, OR, bringing its multifamily portfolio in the area to a total of 215 units. “Beaverton is on the cusp of tremendous economic growth, making it an attractive market for multifamily investors,” says Max Sharkansky, managing partner of Trion Properties. “The region's rapid job growth, mass transit options, and high quality of life are driving resident demand for well-located multifamily communities near major employers in the area.” Sharkansky explains that the Portland metro, also known as the “Silicon Forest,” is one of the most dynamic tech employment markets in the Pacific Northwest, and is home to a cluster of high-tech companies, including Intel, the largest for-profit employer in the state with over 17,000 employees. In addition, the Portland metro has also established itself as the sports apparel capital of the nation, with brands such as Nike and Columbia Sportswear taking up residence here.

SEATTLE—Holliday Fenoglio Fowler LP has closed the $25.4 million sale of Broadacres, a 123,108-square-foot, transit-oriented office building with ground floor retail space in Seattle's north central business district. HFF marketed the property with KG Investment Properties on behalf of the seller, Principal Real Estate Investors, and procured the buyer, LBA Realty. Broadacres is situated at 1601 2nd Ave. just two blocks from Sound Transit-King County Metro's Westlake station; one block from Pike Place Market, a popular retail destination that attracts more than 10 million visitors annually; and four blocks from Amazon's South Lake Union headquarters in downtown Seattle. With a history dating back to 1907, the 10-story property represents a rare value-add creative office redevelopment opportunity. The HFF investment sales team representing the seller was led by senior managing director Nicholas Kucha.

WOODINVILLE, WA—Acacia Capital Corp., a property investment firm based out of San Mateo, CA, has purchased Campbell Run, a 360-home multifamily community located in Woodinville, WA, for $98 million. The seller is Grosvenor Americas and the property was managed by Thrive Communities. Kidder Mathews commercial real estate brokers Philip Assouad and Giovanni Napoli marketed and brokered the transaction. Originally built in 1989, Campbell Run was renovated in 2014 and was awarded the honor of 2014 Renovated Community of the Year by the Washington Multifamily Housing Association. Renovations included a $1 million luxury clubhouse and approximately one-third of the homes were renovated to condo finishes. Acacia Capital plans to continue renovations on the remaining homes. Located just outside of downtown Seattle and the Eastside Tech Corridor, Campbell Run is minutes from Microsoft's World Headquarters and Google's Kirkland campus. The property is situated on over 17 acres of land along the Sammamish River. Residents have direct access to the popular Burke Gilman urban trail which winds through wineries and breweries in downtown Woodinville and goes as far as downtown Seattle.

PORTLAND—NGKF Capital Markets has announced the $23.2 million sale of two class A creative office buildings in Hillsboro, OR. The transactions include SunTech Corporate Park I, a two-story, 65,002-square-foot office building located at 3445 NW 211th Terrace, and Tanasbourne Corporate Park I, a single-story, 77,965-square-foot office building located at 20010 NW Tanasbourne Drive. Both buildings are 100 occupied by Nike Inc.

The seller LBA Realty was represented by the NGKF Capital Markets team which included Senior Managing Director David Hill and Managing Director David Squire out of the firm's Portland office, with President, West Coast Capital Markets Kevin Shannon, Executive Managing Director Ken White, and Managing Director Laura Stumm in the firm's El Segundo office. Entities of Winkler Development and Watumull Properties Corp. acquired the property.

BUILDING BLOCKS

SACRAMENTO—WoodSpring Hotels has entered into an agreement with local hotel developer Northgate Investment Group LLC, to develop a WoodSpring Suites in Sacramento, near the Natomas area. The California-based developers will build a new prototype 123-unit WoodSpring Suites in Sacramento. The projected opening date is late 2017. This franchised location will mark the brand's second prototypical build in the state of California with multiple other sites in the pipeline. “WoodSpring is a great fit for us. Our focus is to develop, own and operate hotel assets in the greater Sacramento area,” says a partner at Northgate Investment Group LLC. “WoodSpring Hotels has a very simple, but precise, operating model that we like, and combined with WoodSpring's franchise support system and its above average NOI percentage, we felt this brand was the right choice for us.”