SEATTLE, WA – One of Seattle’s premier urban residential buildings was bought by Weidner Apartment Homes, a northwest company with more than 40 years of experience as a leader in the apartment industry across North America.

Tower12 was developed and built by local companies and now the 313-unit apartment building located at 2nd and Virginia will stay in northwest hands.  Located near Seattle’s historic Pike Place Market, Tower12 opened in mid-2017 with sweeping views of Elliott Bay, both the Cascade and Olympic Mountain ranges and the Seattle skyline.

The acquisition is the largest to-date in its home market for Weidner Apartment Homes, a Kirkland, WA-based company with more than 50,000 units throughout the U.S. and Canada.  

“Weidner is committed to the northwest and we are thrilled to buy and manage Seattle’s foremost downtown apartment building,” said Greg Cerbana, vice president.  “The Tower12 building will be the flagship property for Weidner in the northwest.  Local building ownership is vital to the long-term economic health of the Seattle rental housing market.  Weidner’s reinvestment in its own backyard keeps resources in the Pacific Northwest.”

Weidner is a recognized leader in providing a wide variety of quality rental housing options in each of the communities it serves.  

Tower12 was developed by Bellevue, WA- based Continental Properties LLC, known for setting the standard for quality apartment communities over four decades with more than 3,000 multi-family units in the northwest.  

“At the time of the ground breaking, if I could have picked one buyer then it would have been Weidner Apartment Homes because of our past transactional experience with them, their integrity, reputation and their local presence,” said Claudio Guincher, president of Continental Properties, LLC.  “Weidner is an ideal buyer for this iconic building.”

Tower12 is an exceptional 34-tale high rise residential tower, just one block from the historic Pike Place Market in downtown Seattle. The location offers incredible water views and connects Tower12 to the best that Seattle has to offer: an expanding employment base, restaurants and retail, entertainment and recreation, transportation and stellar water and city views. Tower12 offers 313 apartment homes built to superior standards and finishes, including large units averaging 847 square feet, 9′ to 11′ ceiling heights, gas cooktops, and air conditioning. 

Extensive amenities include an indoor/outdoor top-floor resident clubhouse offering multiple gathering areas, kitchen and bar, resident lounge, library, a fitness center and a yoga room. The rooftop garden provides a gas fire pit lounge area and barbeque grills with seating for dining. Water views are featured in nearly 70 percent of all apartments, as Tower12 is significantly taller than other buildings on the block. Other amenities include a theater and media room, board room, pet run and grooming station.

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SAN ANTONIO, TX – Hamilton Zanze, a San Francisco-based real estate investment company, has bought the 150-unit Quarry Townhomes in San Antonio, continuing a steady streak of investment in the quick-growing Texas market. The buy was finalized at the end of September.

The property is located on 6.5 acres in the Alamo Heights submarket of San Antonio and consists of 175,872 net rentable square feet across a mix of one-, two- and three-bedroom units. Unit occupancy was 89% at the time of the transaction.

“Quarry Townhomes is a unique property within the Alamo Heights submarket of San Antonio, located within walking distance of an abundance of high-end retail and entertainment, including the Quarry Golf Club, Alamo Quarry Market, Whole Foods, and Trader Joe’s,” said David Nelson, Managing Director of Acquisitions for Hamilton Zanze. “The asset offers large, townhome-style units with direct access garages, giving this multifamily asset a single-family home feel.” 

Hamilton Zanze plans to undertake improvements at the property including interior unit remodels, clubhouse and courtyard renovations, and exterior aesthetic updates. Management of the community has also been transitioned to longtime Hamilton Zanze partner Mission Rock Residential. 

This is the sixth property now held by the firm in San Antonio, all bought in the last two years. The other HZ properties in the market include The Niche Apartments, Meridian Apartments, The Enclave at 1550 Apartments, Salado Springs Apartments, and BLVD at Medical Center Apartments.

Hamilton Zanze is a private, San Francisco-based real estate investment company that owns and operates apartment communities. Since its founding in 2001, Hamilton Zanze has bought over $2.8 billion in multifamily assets. The company currently owns and operates 85 properties (18,065 units) across 10 states.

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BIRMINGHAM, AL – Bluerock Residential Growth REIT announced that it has bought the 300-unit multifamily community known as Springs at Greystone in Birmingham, Alabama. The REIT bought the property for a total buy price of approximately $36.25 million, or approximately $121,000 per residential unit.

The Company plans to implement a $1.8 million interior, exterior and amenity renovation program to improve the property’s curb appeal and strengthen its position among its competitive set. The acquisition is projected to yield a pro-forma stabilized cap rate of 6.3% after implementation of the value-add program.

BRG bought the property with an equity investment of $17.4 million, utilizing $21.2 million (58% LTV) of the REIT’s line of credit to finance the remainder.

Springs at Greystone is a 2007 vintage, garden-style apartment community in the East Birmingham submarket of Birmingham, Alabama. The property is situated in the top-tier suburban district of Greystone, and located within the active “280 Corridor” commercial hub, which is less than a mile from US-280. Springs at Greystone features studio, one-, two- and three-bedroom units averaging 905 square feet, a resort-style pool with outdoor kitchen, 24-hour fitness center, clubhouse, business center with Wi-Fi, car care center and laundry facilities. 

The Greystone submarket has attracted a strong influx of residents drawn to its upscale lifestyle, amenities and proximity to jobs. Home values in the area range from $400,000 to over $1 million. The nearby 280 Corridor is a dense, regional employment and retail hub, with three million square feet of office space and more than 2.6 million square feet of retail space

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