CBRE Announces the Sale and Financing of Alto Apartments in Seattle to Hartz Mountain Industries
By Mel Fabrikant Thursday, July 25, 2013, 07:15 PM EDT
Jeffrey Dunne and Christopher Leonard of CBRE, Inc.’s New York Institutional Group, along with James Gunning and Donna Falzarano of CBRE Debt & Equity Finance, represented the purchaser, an entity controlled by Hartz Mountain Industries, in the acquisition and financing of Alto Apartments, a premier 17-story, 184-unit apartment community located in downtown Seattle. The seller, a joint-venture of Harbor Urban and Cigna Realty Investors, was represented by Jon Hallgrimson, Frank Bosl and Eli Hanacek of CBRE’s Seattle office.
Alto Apartments is a 17-story, LEED Silver certified high-rise residential property located in the Belltown neighborhood of Seattle with sweeping views of the Olympic Mountains, Puget Sound, the Space Needle and the downtown skyline. The property was constructed in 2012 and enjoys modern, Class A apartment finishes. The rich amenity package at the property includes a glass-enclosed penthouse lounge, Viking BBQ grilling stations, community room, common-area wi-fi, bike storage, state-of-the-art fitness center, two on-site Zipcars and other modern urban-centric amenities.
“Everything about the Alto Apartments says attention to detail and the outstanding views of the Olympic Mountains, Puget Sound, the Space Needle and the downtown skyline make it a perfect place to live, work and play,” said Emanuel Stern, president and chief operating officer for Hartz Mountain. “Alto Apartments offered Hartz an exciting opportunity that we could not pass up along with making it a meaningful acquisition in a market that is both flourishing and still nowhere near its full potential.”
Jeff Dunne had the following comments on the acquisitions: “Alto Apartments represents Hartz Mountain’s first major apartment acquisition on the West Coast. The Seattle market is an exciting investment opportunity for Hartz and Alto’s high-rise construction and transit-oriented location should provide for long-term rental growth.”
The CBRE New York Institutional Group (the “Group”) specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. The Group services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.
The New York Institutional Group has a number of attractive investment opportunities currently on the market including: Infinity Harbor Point, a new 242-unit, 22-story high rise apartment property in Stamford, Connecticut with breathtaking views of Long Island Sound; Newbury Village, a 180-unit apartment property located at the merge of Interstate 91 and the Wilbur Cross Parkway in Meriden, Connecticut; and Pelham Manor Shopping Center, a 228,493± SF power retail center anchored by BJ’s, Michael’s and PetSmart.