Goodman Real Estate and Capri Capital Partners Acquire Tower 801 in Seattle
Goodman Real Estate, Inc. and Capri Capital Partners, LLC announced today the acquisition of Tower 801 located at 801 Pine Street in downtown Seattle for $50.1 million or $289,595/unit.
The 25-story multifamily project's distinct round tower houses 173 apartments and two ground-floor retail spaces. Located at the corner of Eighth Avenue and Pine Street, Tower 801 is in downtown Seattle's amenity rich retail district, one block from the Pine Street Transit Center and within close proximity to I-5.
Constructed in 1970 and renovated twice over the past 42 years, Tower 801 will soon undergo additional capital improvements including a new sports bar tenant lounge with vintage video games and Wi-Fi connectivity throughout. The new owners will also paint the residential tower and decks, add new signage to the property and make updates to individual units, including new washers and dryers, kitchen appliances and cabinetry.
“We are thrilled to be in Seattle creating high-quality housing options for the downtown area,” said Ken Lombard, Partner - Investments, at Capri Capital Partners. “We look forward to making real, tangible improvements to Tower 801, and contributing to the continued growth and revitalization of this community.”
“We are delighted to work in partnership with the Capri team on the Tower 801 acquisition,” said Don Fosseen, Chief Investment Officer with Goodman Real Estate. “There is so much potential in this burgeoning neighborhood, and we see this as a great opportunity to use our collective experience and skills to redevelop the property into vibrant new residences for the community.”
David Young, Corey Marx and Seth Heikkila from Jones Lang LaSalle's Seattle office partnered with Mary Ann King from Moran and Company to represent the seller, Essex Tower 801 Apartments, L.P.
Property management firm Pinnacle, an American Management Services Company, currently provides on-site management.
About Goodman Real Estate
Founded in 1990 by John Goodman, Goodman Real Estate, Inc. (GRE) is a leading privately held real estate investment company specializing in multifamily and commercial real estate. Headquartered in Seattle, Washington, we maintain a diversified portfolio of quality commercial property investments across the United States and Canada. This portfolio spans the spectrum of risk-adjusted investments including multifamily ownership and construction; hotels and resorts; office and retail buildings; land development; and structured investments.
About Capri Capital Partners, LLC
Capri Capital Partners, LLC is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992. Capri offers a broad spectrum of equity and debt products to its customers through separate account and commingled fund vehicles. Diversified assets managed on behalf of its pension fund and other institutional clients totaled $3.8 billion in assets under management as of June 30, 2012. For more information, please call 312-573-5275 or visit the company's website www.capricapital.com.
Capri Capital Partners, LLC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any statements contained herein to reflect any change in events, conditions, or circumstances on which any such statement is based. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any security relating to Capri Capital Partners, LLC or any of its funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.
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Goodman Real Estate, Inc.