Author Archives: ipgocorp

Low-Income Apartment Building Opening in Arlington

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(RECAP: The Arlington Partnership for Affordable Housing (APAH) has announced the grand opening and ribbon cutting for a groundbreaking new apartment complex designed for low-income residents of Arlington. The Springs Apartments, located just a few blocks south of the Ballston Common Mall at 555 N. Thomas Street, will be officially open to residents on Nov. 3 with a ceremony scheduled for 2 p.m. Construction of The Springs Apartments started in early 2015. The building will be a five-tale, 104-unit mixed-use development that will include 98 new units affordable to low and very low income individuals and families, according to APAH.)

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From blight to historic resource

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(RECAP: The rehabilitation of a blighted building on East Broadway into a mixed-use development is moving forward after a vote by City Council Tuesday to allow the project’s apartments to fall below the city’s square footage requirements. “Over the past nearly 15 to 20 years, this property has been a property maintenance nightmare for the city,” City Planner Horace Wade told Council. The building was bought this spring by Larry Cluff, the Richmond-based developer responsible for such historic rehabs as the former Coca-Cola plant in Scott’s Addition. To help finance the East Broadway renovation, Cluff is seeking to use historic tax credits, which in Virginia are administered by the Department of Historic Resources. A DHR review of the East Broadway building found that it had initially contained three apartments on the second floor and that to qualify for historic tax credits, the structure would have to retain that layout. With an estimated rent of $900 to $1,200, none of the units are expected to serve as low-income housing.)

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Kennedy Wilson Acquires 204-Unit Luxury Multifamily Community in Seattle for $90 Million

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SEATTLE, WA – Global real estate investment company Kennedy Wilson announced that the company and an equity partner bought Equinox, a 204-unit multifamily community in Seattle, Washington, for $90 million.

The company and its equity partner invested $38 million of equity (inclusive of closing costs), of which the company’s share is 51%. The partnership also secured a 10-year loan of $53 million through Freddie Mac at a rate of LIBOR + 2.11% with interest only for five years. The acquisition was primarily funded by the company and its equity partner with $24 million of net proceeds from the sale of the Reserve, a multifamily community in Federal Way, Washington, completed in September 2016.

“The acquisition of Equinox represents a unique investment opportunity to buy a well-located asset designed with condo finishes and featuring large floorplans and panoramic lake and skyline views,” said Shem Streeter, Managing Director of Kennedy Wilson Multifamily Investments. “Both transactions in the greater Seattle area demonstrate our ability to recycle capital from an asset where we realized significant value creation into a high-quality asset in a thriving submarket with future asset management potential.”

Equinox is a class-A apartment community located in Seattle, WA. The property was built in 2009 and consists of 204 apartments with stainless steel appliances, custom cabinetry, crown molding, and granite countertops. Equinox’s amenity package includes a rooftop deck with lake views, a large recreational game room with a kitchen, and a fitness center with a yoga studio.

The property is one mile away from the South Lake Union submarket and within walking distance to employers such as Amazon’s headquarters, Facebook, the Fred Hutchinson Cancer Research Center, and a future 607,000 sq. ft. Google campus. Equinox is also walking distance to many shops and restaurants, and is conveniently located within one block of an I-5 exit, providing quick access to the SR-99 and downtown Seattle.

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