SEATTLE—After pioneering the use of virtual design in construction, Mortenson Construction has developed a first-of-its-kind augmented reality mobile app to help the University of Washington community “see” the future CSE2 computer science building – well before its doors open to students in January of 2019. Similar to the popular Pokémon Go, users can either point their smartphones at the construction site on campus – or at a printed handout if off campus – to experience a life-like digital representation of the future CSE2 building. The app was developed by Mortenson's in-house immersive-technology team in Seattle, a project led by Marc Kinsman. Users can experience the building's exterior in AR, and can then teleport inside for an immersive virtual reality (VR) experience in the main lobby, workroom, robotics lab and offices. The app is designed to generate interest and engagement by faculty, students and visitors during the building's construction, which is located in a popular area of campus.

SAN FRANCISCO—Carmel Partners, the US multifamily property investment specialist which closed its $1.025 billion Fund VI at the end of 2016, announced the appointment of Trey Hilberg as Head of Investments. Trey, who is a SVP, joined Carmel's Investments Team in 2004 and was appointed Interim Head of Investments earlier this year. Trey will lead the Investments Team which is responsible for identifying and evaluating new acquisition opportunities in Carmel's target markets–the San Francisco Bay Area, Southern California, Denver, Seattle, Honolulu, Washington, D.C. and New York. Additionally, the Investments Team is responsible for the disposition of existing assets.

DEAL TRACKER

PORTLAND—Expanding its Portland, Oregon-area multifamily portfolio, San Diego-based Pathfinder Partners LLC has acquired The Habitat, an 85-unit community at 5745 SW Oleson Rd. The property was purchased for $15 million from an undisclosed seller. Built in 1978, The Habitat is located in southwest Portland within the affluent Raleigh Hills neighborhood. The community is situated on 4.8 acres and encompasses 12 residential buildings consisting of 19 duplex-style cottages (all two-bedroom/one-bathroom units) and 66 garden-style apartments (one studio, 31 one-bedroom/one-bathroom and 34 two-bedroom/one-bathroom units) averaging 789 square feet. The complex also includes a pool, fitness center, laundry room and large private pond.

SEATTLE—Institutional Property Advisors, a division of Marcus & Millichap, was recently been awarded the exclusive listing for The Humphrey, a historical 73-unit apartment complex located in the heart of Seattle's ultra-urban Belltown neighborhood. The property is being offered for sale unpriced, free and clear of all debt. Shelton and Kim Grant, both directors with IPA, and Spencer Clark, a director with Marcus & Millichap's National Multi Housing Group, are representing the seller, a long-time private owner in the Seattle area.

PORTLAND—Urban Renaissance Group and Clarion Partners have sold 1320 Broadway, the former Oregonian Building, in downtown Portland's central business district to a real estate fund managed by the Swiss domiciled asset manager, Credit Suisse Asset Management for $95M. The purchase represents the first building acquisition by a fund managed by Credit Suisse Asset Management in the Portland market. Credit Suisse Asset Management was advised in the transaction by Lacy Ltd.

PORTLAND—CBRE arranged the joint venture relationship and senior debt financing transaction for the $29.4 million acquisition of Sixth at Yamhill, a creative office property in Portland. Marina Massari and Sharon Kline of CBRE Capital Markets' Debt & Structured Finance facilitated a $26.8 million bridge loan for the buyer, KBS Realty Advisors and True North Capital Management. The debt has a three-year term, with two extensions, and full-term interest only provided by Barings Real Estate Advisers, part of Barings LLC. In addition to the property financing, Massari and Kline facilitated the introduction between the buying partnership. Sixth at Yamhill, an 11-story creative office building totaling 109,725 square feet, was built in 1955 and renovated in 2006 and 2017. The property, located at 811 SW 6th Avenue, benefits from a true main-and-main location. It's situated in the retail core and adjacent to Portland's Technology Triangle, which is a clustering of technology companies. The building had 30% occupancy at the time of purchase.

This week in the North West region, much of the news came out of deals in the Portland area. Check out all the news you might have missed below.—Natalie Dolce

BY THE NUMBERS

OAKLAND—Tenants looking for space in the East Bay/Oakland market are now, more than ever, paying close attention to where their employees live. So says a recent report from Avison Young. Downtown Oakland, with its multiple BART stations and central location, has continued to be a popular location and currently has a number of large-floor and multi-floor availabilities to accommodate tenants of 50,000 square feet and greater, the report says. The increase in multi-family construction could also prompt more tenants to locate in downtown Oakland.

NEWS & NOTABLES

SEATTLE—After pioneering the use of virtual design in construction, Mortenson Construction has developed a first-of-its-kind augmented reality mobile app to help the University of Washington community “see” the future CSE2 computer science building – well before its doors open to students in January of 2019. Similar to the popular Pokémon Go, users can either point their smartphones at the construction site on campus – or at a printed handout if off campus – to experience a life-like digital representation of the future CSE2 building. The app was developed by Mortenson's in-house immersive-technology team in Seattle, a project led by Marc Kinsman. Users can experience the building's exterior in AR, and can then teleport inside for an immersive virtual reality (VR) experience in the main lobby, workroom, robotics lab and offices. The app is designed to generate interest and engagement by faculty, students and visitors during the building's construction, which is located in a popular area of campus.

SAN FRANCISCO—Carmel Partners, the US multifamily property investment specialist which closed its $1.025 billion Fund VI at the end of 2016, announced the appointment of Trey Hilberg as Head of Investments. Trey, who is a SVP, joined Carmel's Investments Team in 2004 and was appointed Interim Head of Investments earlier this year. Trey will lead the Investments Team which is responsible for identifying and evaluating new acquisition opportunities in Carmel's target markets–the San Francisco Bay Area, Southern California, Denver, Seattle, Honolulu, Washington, D.C. and New York. Additionally, the Investments Team is responsible for the disposition of existing assets.

DEAL TRACKER

PORTLAND—Expanding its Portland, Oregon-area multifamily portfolio, San Diego-based Pathfinder Partners LLC has acquired The Habitat, an 85-unit community at 5745 SW Oleson Rd. The property was purchased for $15 million from an undisclosed seller. Built in 1978, The Habitat is located in southwest Portland within the affluent Raleigh Hills neighborhood. The community is situated on 4.8 acres and encompasses 12 residential buildings consisting of 19 duplex-style cottages (all two-bedroom/one-bathroom units) and 66 garden-style apartments (one studio, 31 one-bedroom/one-bathroom and 34 two-bedroom/one-bathroom units) averaging 789 square feet. The complex also includes a pool, fitness center, laundry room and large private pond.

SEATTLE—Institutional Property Advisors, a division of Marcus & Millichap, was recently been awarded the exclusive listing for The Humphrey, a historical 73-unit apartment complex located in the heart of Seattle's ultra-urban Belltown neighborhood. The property is being offered for sale unpriced, free and clear of all debt. Shelton and Kim Grant, both directors with IPA, and Spencer Clark, a director with Marcus & Millichap's National Multi Housing Group, are representing the seller, a long-time private owner in the Seattle area.

PORTLAND—Urban Renaissance Group and Clarion Partners have sold 1320 Broadway, the former Oregonian Building, in downtown Portland's central business district to a real estate fund managed by the Swiss domiciled asset manager, Credit Suisse Asset Management for $95M. The purchase represents the first building acquisition by a fund managed by Credit Suisse Asset Management in the Portland market. Credit Suisse Asset Management was advised in the transaction by Lacy Ltd.

PORTLAND—CBRE arranged the joint venture relationship and senior debt financing transaction for the $29.4 million acquisition of Sixth at Yamhill, a creative office property in Portland. Marina Massari and Sharon Kline of CBRE Capital Markets' Debt & Structured Finance facilitated a $26.8 million bridge loan for the buyer, KBS Realty Advisors and True North Capital Management. The debt has a three-year term, with two extensions, and full-term interest only provided by Barings Real Estate Advisers, part of Barings LLC. In addition to the property financing, Massari and Kline facilitated the introduction between the buying partnership. Sixth at Yamhill, an 11-story creative office building totaling 109,725 square feet, was built in 1955 and renovated in 2006 and 2017. The property, located at 811 SW 6th Avenue, benefits from a true main-and-main location. It's situated in the retail core and adjacent to Portland's Technology Triangle, which is a clustering of technology companies. The building had 30% occupancy at the time of purchase.