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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 Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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