Mar 30, 2023

Security Properties deploys $200M from multifamily fund

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Security Properties announced last week that it has successfully raised and deployed $200 million for what it calls the Multifamily Fund VI. Generally acting as the general partner to the fund, Security Properties has acquired some 28 apartment properties nationwide, with around 6,400 units. (Pictured among them is the South Block apartments, in Salem, Oregon.) The fund began life in 2021, hit its target in six months, and later combined with another $780 million from institutional investors. Security Properties' Ed McGovern said in a statement, “Security Properties has had a long history of working with private individuals to invest in multifamily real estate going back to its founding in 1969. We strive to be communicative, responsive and transparent.”

NAI Puget Sound Properties

Stedman

NAI Puget Sound Properties announced the recent hiring of veteran broker Blake Stedman. He makes the move from Re/Max Commercial Services. The new senior VP said in a statement, “I am excited to be working with the many professional commercial brokers at NAI Puget Sound Properties and look forward to using my background, education and experience to add to the success of this great team.”

Payscore secures more private-equity backing

Payscore is a local startup, based in Leschi, that helps apartment building managers verify the incomes of potential tenants. It recently raised an unspecified amount of cash from private-equity investors led by ffVC of New York. The latter firm's Alex Katz is on the Payscore board of directors, and said in a statement, “By analyzing consumer-permissioned data, Payscore ensures every applicant is evaluated fairly and objectively, even when income is cash-based, like tips, or fluctuates, like commissions.” Payscore co-founder CEO Mark Fiebig added, “We're making it simple for applicants and operators to easily share and accurately assess the truth about income.” Other backers include the Bay Area's Hamilton Ventures and local shops SeaChange Fund and Alliance of Angels. Payscore's second co-founder is Stephen Arifin.

Visit Seattle

James

Visit Seattle supplies all kinds of interesting data and trendlines for the hospitality industry, which is rebounding nicely from the pandemic. The trade group recently announced that Kennedy James has come on board as VP of talent and culture. She makes the move from the Gottman Institute. Visit Seattle CEO Tammy Canavan said in a statement, “Our people generate incredible benefits for the city we call home. We strive to continue this legacy by cultivating inventive, talented professionals while creating an environment where our team can feel inspired and supported to perform at their absolute best.”

Mar 23, 2023

Tenants announced at Everett Mall

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As the DJC first reported last year, Brixton Capital of California is working with MG2 and Bayley Construction on a makeover of its Everett Mall, which is actually getting smaller. A new At Home store is going into the vacant former Sears space, with about 85,000 square feet. And, Brixton now says, Ulta Beauty will relocate into new digs, also in the former Sears building, with some 10,000 square feet. Brixton's Eric Li said in a statement, “We're excited to showcase such popular stores as part of the first phase of our redevelopment of Everett Mall. We are in active lease negotiations with additional anchor and junior anchor tenants which will further enhance the overall shopping experience for the Everett community.” Ulta is moving in part for the demolition, begun early this year, for Phase II. That'll first remove about 215,000 square feet in the center of the mall, then replace it with smaller retail bays with some 97,200 square feet. That renovation, says Brixton's Justin Long, “will make the property more relevant to the tastes of today's shopper. In addition to replacing the former department store anchors of Sears and Macy's, we will be adding additional uses and tenants that respond to the community's needs.” Future tenant announcements are expected. Matis Partners is Brixton's broker. Real Retail represented At Home, and Northwest Retail Partners represented Ulta.

NAIOP asks, Offices to apartments?

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Photo by Steve Keating [enlarge]

Adaptive reuse is all the rage, in theory, as some office building owners contemplate flipping them to apartments. That'll be the topic of discussion at a NAIOP gathering on April 6. Leading the panel are Dayna Dealy of Skanska and Kimberly Frank of GGLO. Says NAIOP, “As the demand for physical office space shifts, many developers are considering alternate uses for their properties, including converting them into multifamily units or other types of properties.” It's been done before in the downtown core; one example is the Cobb Building (pictured), a pre-Great Recession conversion from GGLO and Unico. The gathering will be held at the downtown offices of MG2. Details and registration: naiopwa.org.

NAI Puget Sound Properties

Milton

NAI Puget Sound Properties announced that Edward Milton recently joined its national self-storage team. He'll be based in Seattle, where he's been in the brokerage trade for over two decades. He makes the move from Marcus & Millichap. NAI's Denise Nunez said in a statement, “Bringing Edward Milton on is a great expansion for the national self-storage investment group, as the Pacific Northwest has increasingly become a very active region in the self-storage industry.”

Koz finds partner in Lynnwood

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As the DJC reported last month, Koz Development and general contractor Kirtley-Cole & Associates will soon break ground on a 196-unit apartment project in Lynnwood, near the future light rail station. Koz is the architect, and Coastal Community Bank has provided a nearly $35 million construction loan. Now MSquared, based in New York, has announced it'll partner with Koz on the project, with completion expected in late 2025. MSquared's Alicia Glen said in a statement, “This project is a great representation of MSquared's approach to inclusive development — mixed-income housing, built in partnership with a woman-led developer, on a transit-oriented site and with sustainable design.” MSquared values the project at $54 million, and is backing it with $13 million. Koz investors are providing another $6 million. Cathy Reines leads Koz, and said, “Both of our organizations are dedicated to offering affordable, workforce housing, and we look forward to working together to achieve this goal.” At Koz on Alderwood, half the apartments will be affordable to households earning up to 80% of area median income, and half will be market-rate. MSquared is new to our market, and bills itself a women-owned real estate development and impact investing platform.

Partner Valuation Advisors

Partner Valuation Advisors is based in Chicago, and recently announced new hires at several of its branch offices, including Seattle. Here, Justin Alexander is a new senior VP. The firm's Eric Enloe said of all the new staff, “The volatility being experienced in the commercial real estate markets today demands that valuation experts are brought into the mix early to ensure investors make informed decisions.”