Intercontinental Real Estate Corporation Acquires
Firdale Village in Seattle, WA
Boston, MA - June, 2015 – Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development, and management firm headquartered in Boston, MA, on behalf of one of its managed funds, partnered for the fourth time, with TruAmerica Multifamily to acquire Firdale Village in Seattle, Washington (“the Property”). This acquisition was led by Jessica Levin, Director, Acquisitions.
Firdale Village is a 386 unit Class-B apartment community constructed in 1987. The Property has a unit mix of one-, two-, and three-bedroom layouts. With a large garden-style layout, low density and abundant open space, Firdale’s layout accommodates a broad offering of amenities relative to typical new podium product in the area. The Property consists of 25 three-story buildings situated on 23 acres with a low density of 17 units per acre. Community amenities include an outdoor swimming pool, spa, sauna, steam room, fitness center and racquetball court.
The Property is situated in the desirable north Seattle submarket of Edmonds, a waterfront community located 14 miles north of the Seattle Central Business District. The Aurora Village Transit, located one mile from the Property, is a major multimodal public transportation hub offering direct access to Seattle’s Central Business District. Aurora Village Shopping Center, which boasts Costco, Fred Meyer, Home Depot, Office Max, and Big 5 is located less than a mile from the Property.
The acquisition of the Property was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by Brian Eisendrath and Cameron Chalfant at CBRE. “This opportunity gives Intercontinental and TruAmerica the ability to capitalize on the strong Seattle rental market,” says Eisendrath. “It had all the ingredients that excite lenders: solid, infill location, experienced institutional sponsorship, and moderate leverage. By sourcing aggressive capital, we were able to help Intercontinental and TruAmerica achieve their yield requirements on a well-located asset with upside potential.”
Jessica Levin, Director, Acquisitions for Intercontinental adds, “Intercontinental is excited to expand its Seattle area portfolio with our fourth acquisition, Firdale Village. We view the Edmonds location as a desirable north Seattle waterfront community with close proximity to major arterials and public transportation nodes. Firdale benefits from a “first ring” suburban location that is expected to see demand from middle-income renters priced out of multifamily product closer to central Seattle. With plans for several capital improvement upgrades, our residents will benefit from an enhanced living experience.”
Brian Eisendrath, Vice Chairman in CBRE’s Century City office, and his team (View Team Website) source aggressive capital for institutional and high net worth clients. Their ranking as one of the top originators in the country has garnered them extensive industry recognition. The team is able to quickly and effectively meet the needs of their clients by tailoring a financing solution that is unique to their property-specific business plan, which saves clients time, energy and money. By taking advantage of their extensive relationships and platform, Eisendrath’s team was able to originate over $1.3 billion of debt and equity in 2014, and over $3.8 billion in the last 3 years.
About TruAmerica Multifamily
TruAmerica Multifamily is a vertically integrated value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages a $3.6 billion portfolio of more than 18,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada and Utah. For more information on TruAmerica Multifamily, visit www.truamerica.com or call (424) 325-2750.
Intercontinental Real Estate Corporation is an SEC registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $4 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.intercontinental.net for more information.