PORTLAND—Holliday Fenoglio Fowler LP has closed the sale of Sunfield Lakes, a 200-unit, garden-style apartment community in the southwest Portland suburb of Sherwood, OR. HFF marketed the asset exclusively on behalf of the Berkshire Group. Brookline Investment Group purchased the offering free and clear of existing debt. Sunfield Lakes is located at 16100 SW Century Dr. in the rapidly-growing suburb of Sherwood, less than three miles west of the renowned Willamette Valley wine country and approximately 15 miles southwest of Portland's central business district. The property provides an easy commute to the Portland market's major economic drivers, such as the Tualatin/Sherwood industrial hub, Legacy Meridian Park Medical Center, LAM Research Corporation and the Wilsonville submarket. Sunfield Lakes offers a mix of one-, two- and three-bedroom floor plans averaging 1,024 square feet each and community amenities, including an outdoor pool, hot tub, 24-hour fitness center, lounge and business center.

KENNEWICK, WA—Security Properties and an institutional equity partner purchased Riverpointe Apartments, a 228-unit class B multifamily property located in Richland, WA for $22.3 million and Crosspointe Apartments, a 200-unit class B Multifamily property located in Kennewick, WA for $19 million.

LAKEWOOD, WA—Hunt Mortgage Group has provided two loans totaling $61.5 million through its top Seattle-area correspondent, GP Realty Finance Inc. “The partnership between Hunt Mortgage Group and our firm has now provided the first Fannie Mae loan for a micro housing community,” says Dan Piantanida, Senior Vice President of GP Realty Finance. “Our firm has been involved with the micro housing industry since its beginning and we're pleased to help open the door to this competitive lending source.” Hunt Mortgage Group provided a $24 million Fannie Mae loan to facilitate the acquisition of Green Leaf at Lakewood, a garden-style multifamily property comprised of 19, two- and three-story buildings and a total of 231 units. Located in Lakewood, Washington, Green Leaf at Lakewood was built in 1990 and the property is situated on 16.84 acres. And located in Kirkland, WA, Areté is a brand-new, LEED Platinum Plus, mid-rise style apartment community comprised of 290-units housed in five, five-story buildings. Hunt Mortgage Group provided a Fannie Mae loan in the amount of $37.5 million to refinance this property. The loan term is 15-years with amortization based on a 30-year schedule with three years of interest only payments. Yield maintenance will apply during the first 10 years.

PORTLAND—A prime 30,000-square-foot (±0.69 acre) development site in Portland's Pearl District has sold to Alliance Residential Co. for $5.8 million. Located at 1400 NW Raleigh, the site formerly contained an older 28,000-square-foot industrial building that has been demolished. Alliance Residential has already broken ground to develop a brand new 147-unit, six-story high end market rate apartment building known as Broadstone Reveal on the site. The project will also feature ground floor retail. The seller was Diller Properties LLC, which was represented in the transaction by Gary Griff, Jim Lewis and Paul Carlson of Cushman & Wakefield's Capital Markets in Portland.

Below is GlobeSt.com's bi-weekly update on the middle markets throughout the North West region. Here's a look at the latest news, announcements and deals that you may have missed from areas including: Alaska, Washington, Oregon, Idaho, and Northern California.

NEWS & NOTABLES

SEATTLE—San Francisco real estate leader Rajiv S. Patel will be this year's honoree at the 32nd Annual Gala of the San Francisco Bay Area Council of the Boy Scouts. The upcoming 2016 gala is scheduled for Saturday, December 3 at the Westin St. Francis on Union Square in San Francisco. Patel is a managing director with Spear Street Capital, a private equity fund that acquires and operates office properties in technology related markets nationwide. With a transaction volume exceeding $6 billion, Patel has bought, sold or financed real estate investments in most major markets across the US. His primary focus is overseeing the company's investment activities and spearheading many of the firm's strategic initiatives.

SACRAMENTO—Acting upon a petition from the Consumer Federation of California (CFC), California Insurance Commissioner Dave Jones has ordered State Farm to refund homeowners insurance policyholders $104 million and reduce rates going forward. 1.7 million policyholders will receive refund checks. Consumer Watchdog also intervened at the California Department of Insurance, seeking a rate cut. “This is a big win for California policyholders whom State Farm overcharged,” states Richard Holober, Consumer Federation of California Executive Director. “It demonstrates the effectiveness of our voter-approved insurance law to keep rates fair and hold insurers accountable.”

DEALTRACKER

STOCKTON, CA—Westcore Properties has acquired a 172,500-square-foot industrial property, located at 4545 Qantas in Stockton, CA, from the Sacramento-based Friedman Family for approximately $6 million. The acquisition represents Westcore's continuing strategy to provide its coastal California tenants lower cost options for their distribution and manufacturing operations. Combined with Westcore's recent entry into the industrial real estate markets of Seattle, Reno and Phoenix, the Stockton purchase provides the company's client base a seamless real estate strategy to expand into growing industrial markets. “With Stockton's close proximity to San Francisco, Silicon Valley and Sacramento, it's a strategic satellite location for many of our existing tenants,” says Peter Mette, director of acquisitions at Westcore Properties. “We are excited to grow our Stockton portfolio with a building that provides a strong current return from an existing lease and promising potential for the future.”

PORTLAND—Holliday Fenoglio Fowler LP has closed the sale of Sunfield Lakes, a 200-unit, garden-style apartment community in the southwest Portland suburb of Sherwood, OR. HFF marketed the asset exclusively on behalf of the Berkshire Group. Brookline Investment Group purchased the offering free and clear of existing debt. Sunfield Lakes is located at 16100 SW Century Dr. in the rapidly-growing suburb of Sherwood, less than three miles west of the renowned Willamette Valley wine country and approximately 15 miles southwest of Portland's central business district. The property provides an easy commute to the Portland market's major economic drivers, such as the Tualatin/Sherwood industrial hub, Legacy Meridian Park Medical Center, LAM Research Corporation and the Wilsonville submarket. Sunfield Lakes offers a mix of one-, two- and three-bedroom floor plans averaging 1,024 square feet each and community amenities, including an outdoor pool, hot tub, 24-hour fitness center, lounge and business center.

KENNEWICK, WA—Security Properties and an institutional equity partner purchased Riverpointe Apartments, a 228-unit class B multifamily property located in Richland, WA for $22.3 million and Crosspointe Apartments, a 200-unit class B Multifamily property located in Kennewick, WA for $19 million.

LAKEWOOD, WA—Hunt Mortgage Group has provided two loans totaling $61.5 million through its top Seattle-area correspondent, GP Realty Finance Inc. “The partnership between Hunt Mortgage Group and our firm has now provided the first Fannie Mae loan for a micro housing community,” says Dan Piantanida, Senior Vice President of GP Realty Finance. “Our firm has been involved with the micro housing industry since its beginning and we're pleased to help open the door to this competitive lending source.” Hunt Mortgage Group provided a $24 million Fannie Mae loan to facilitate the acquisition of Green Leaf at Lakewood, a garden-style multifamily property comprised of 19, two- and three-story buildings and a total of 231 units. Located in Lakewood, Washington, Green Leaf at Lakewood was built in 1990 and the property is situated on 16.84 acres. And located in Kirkland, WA, Areté is a brand-new, LEED Platinum Plus, mid-rise style apartment community comprised of 290-units housed in five, five-story buildings. Hunt Mortgage Group provided a Fannie Mae loan in the amount of $37.5 million to refinance this property. The loan term is 15-years with amortization based on a 30-year schedule with three years of interest only payments. Yield maintenance will apply during the first 10 years.

PORTLAND—A prime 30,000-square-foot (±0.69 acre) development site in Portland's Pearl District has sold to Alliance Residential Co. for $5.8 million. Located at 1400 NW Raleigh, the site formerly contained an older 28,000-square-foot industrial building that has been demolished. Alliance Residential has already broken ground to develop a brand new 147-unit, six-story high end market rate apartment building known as Broadstone Reveal on the site. The project will also feature ground floor retail. The seller was Diller Properties LLC, which was represented in the transaction by Gary Griff, Jim Lewis and Paul Carlson of Cushman & Wakefield's Capital Markets in Portland.