SEATTLE, WA – LMC, a leader in apartment development and management, announced the start of leasing at Valdok, a luxury apartment community integrated with smart-home technology in the eclectic Ballard neighborhood of northwestern Seattle.

The first phase of the seven-tale luxury development features 178 apartment homes and boasts close proximity to the hip, trendy offerings of the waterfront neighborhood. When complete, the second phase will add 164 homes to the community. Seventh-floor residents will have voice-activated control of several in-home features through Amazon’s Alexa device, making Valdok one of the first in the Seattle area to offer this collection of smart-home features. 

Among the technologies incorporated are a Ruckus Router, Lutron Pico Remote for dimming lights and controlling smart-home speakers and an Amazon Echo built in to a Sonos Play:1. Select homes will include Lutron roller shades, which can be controlled through a smartphone.

“The Ballard neighborhood is always bustling with an extremely active vibe and is the ideal backdrop for a vintage Seattle experience,” said Brad Reisinger, division president of the Pacific Northwest for LMC. “We’re excited to add to our presence in the area with Valdok, which we believe will serve as a top-tier living option with its spacious layouts, cozy ambiance and suite of smart-home features.”

Inspired by the Valdok family’s storied Scandinavian roots and heritage, the community design embraces the area’s rich Northern European history. Located at 1701 NW 56th Street, Valdok features two buildings that sit across from one another on opposite sides of 56th Street. The community is situated near a working waterfront brimming with some of Seattle’s trendiest nightlife, retail and cuisine spots. Dining options include Asadero Ballard, No Bones Beach Club, The Walrus and the Carpenter and San Fermo. Ballard is also home to the Nordic Museum, Bergen Place Park, Ballard Farmers Market, 17th of May Festival and Larsen’s Danish Bakery. 

The Ballard Bridge and 15th Avenue NW provide access to downtown, South Lake Union and many other key employment centers in Seattle’s tech-savvy and medical-rich job market. In addition, the King County Metro has five bus routes that go through Ballard, and Burke-Gilman Trail is a 20-mile trail that serves as a prime transportation corridor for commuters and recreational enthusiasts. The community is also a small distance from Ballard Locks and Golden Gardens Park. 

Valdok consists of studio, 1- and 2-bedroom apartment homes with live/work homes available, ranging from 485 to 1,206 square feet. Apartment interiors are delivered with quartz countertops, designer lighting, high-end stainless steel kitchen appliances, hardwood-style plank flooring, full-size washers and dryers, ceramic tile tub surrounds, lighted bathroom mirrors and under-cabinet lighting.   

Community amenities include a clubhouse with full kitchen and gaming area, co-working spaces with state-of-the-art technology, top-of-the-line 24-hour fitness center, pet park with dog wash and grooming stations and a rooftop deck with fireplaces, barbecue grills and outdoor lounge areas. Residents will also have access to 24-hour package service, bike storage and additional storage.

Including Valdok, LMC has four apartment communities in operation or under construction in the Seattle area. Others include Twenty20 Mad, Axle and The Bower (in Kirkland). The second phase of Valdok, currently under construction, is on pace to open in 2019.

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LANDISVILLE, PA – RED Capital Group recently arranged a $7.8 million construction loan for Tobacco Road apartments, an adaptive reuse of an historic building in Landisville (Lancaster County), Pennsylvania. Total project cost is $9.6 million.

The loan will be used to develop the currently vacant brick warehouse into a 66-unit apartment community. The structure, a former tobacco warehouse consisting of four connected buildings, was built in the early 1900s and is on the National Register of Historic Places. The redevelopment will take advantage of some of the historic features, including refinishing wood floors in certain areas and exposed wood beams.

The apartments will help fulfill a substantial need in the region for market-rate units. They will be developed by S. B. Conrad. The complex will include one-, two- and three-bedroom units, an elevator, lounge area and fitness center, among other amenities.

“We identified this project as a regional opportunity,” said David Bonomo, Director at RED. “We directed our efforts toward local community lenders, and we are very pleased with the results.”

“This is an exciting opportunity,” said Steve Conrad, President of S. B. Conrad. “Tobacco Road will provide high-quality rental apartments in the Lancaster area marketplace, where the demand far exceeds the supply. To do so while preserving such a meaningful local real estate asset makes it even more rewarding.”

RED acted as exclusive structuring agent, and managed the solicitation effort on behalf of S. B. Conrad. They negotiated favorable pre-payment provisions, which will allow Conrad to refinance the bank loan within two years with no prepayment penalty.

“The RED team made this happen for us,” said Conrad. “They managed the financial side of the equation, allowing us to focus on what we do best – development. RED targeted the appropriate segment of construction lenders, delivered a term sheet in a matter of days, and positioned us to close within a few weeks.”

“This effort demonstrates the full-service capabilities of RED’s team,” said Trent Brooks, President and Head of Production at RED Mortgage Capital.

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SAN JOSE, CA – HFF announces the $104 million sale of Meridian at Midtown, a 218-unit luxury apartment community with approximately 14,000 square feet of ground-floor retail in San Jose, California.

The HFF team marketed the property on behalf of the seller, Republic Urban Properties LLC, and procured the buyer.

Meridian at Midtown is situated at 1432 W. San Carlos Street less than one mile west of downtown and just north of Interstate 280. The property’s Midtown location has earned it a Walk Score of 90 and provides a right live-work-play setting in one of the Bay Area’s most sought-after submarkets.

Built in 2015, the mid-rise property offers a range of amenities, including three state-of-the-art fitness centers, conference rooms, a resort-style pool with cabanas, community lounge space, dog park, outdoor courtyard, playground and ground-floor retail amenities such as The Breakfast Club and Starbucks. Residential units include a variety of studio, one- and two-bedroom configurations averaging 875 square feet each.

The HFF investment advisory team representing the seller included managing director Scott Bales, director Peter Yorck and analyst Eric Bet.

“Meridian at Midtown’s central location is within a mile of Google’s proposed campus and the Diridon Station development, which will dramatically shift the core of downtown San Jose closer to Midtown and allow the property to continue to experience tremendous rent growth far into the future,” Bales said.

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