Sack Snags Woodinville MF in $46M Off-Market Deal
San Francisco-based Sack Properties acquired Chateau Woods, a 114-unit apartment community in Woodinville from BPM Real Estate Group for $45.75 million. The Eastside asset at 18250 142nd Ave. NE is adjacent to the region’s technology hubs of Bellevue, Redmond, Kirkland and Seattle and employers such as Amazon, Microsoft, Google and Facebook.
Sack Properties’ Kirby Sack says, “Chateau Woods fits perfectly into our long-term portfolio of suburban multifamily properties. Typically, our assets are of older vintage, but here we were able to uncover opportunity in a 2008 asset.”
The property is an Energy Star Certified condo-quality asset, with a unit mix that includes 59 one-bedroom units, and 55 two-bedroom units. The elevator-served community features a resident clubhouse, a 24-hour fitness center, bike storage, and outdoor courtyards with dining and barbeque areas.
Institutional Property Advisors’ (IPA) Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske represented the buyer. JLL Capital Markets’ Charles Halladay, Peter Smyslowski, Chris Gandy and Matt Cimino handled the acquisition financing.
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