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Seattle & Northwest  + Apartments  | 

Phoenix, Hanover JV Picks Up Kent MF’s for $79M

New York-based Phoenix Realty Group (PRG), and JV partner Palo Alto, CA-based Hanover Real Estate Investors, purchased two multifamily communities in Kent, WA through an affiliated entity for $79 million. The apartment properties include Lake Meridian and Royal Firs and total a combined 361 units. They were owned by the same unnamed individual and were purchased as a portfolio.

PRG’s Keith Rosenthal says, “Seattle is an important target market for growth for PRG. Given the strength of the local economy, wide-ranging outdoor activities and the presence of employers such as Boeing, Amazon and Microsoft, it is a compelling region for renters of all ages. We expect to acquire additional properties in the Seattle market over time.”

The communities offer such amenities as a leasing center, fitness center, pool, tot lot and covered parking. PRG plans to renovate, upgrade, and modernize the properties. The properties will be rebranded under PRG’s Alvista Communities brand, with Lake Meridian being renamed Alvista Lake Meridian and Royal Firs being renamed Alvista 240.

Mesa West Capital provided the buyers with $66.5 million in short-term debt for the acquisitions.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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