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August 11, 2016

$33M deal: With light rail on the horizon, Northgate is a hot apartment market

Puget Sound Business Journal

Marc Stiles

A Bellevue company, Wallace Properties, already is invested as an apartment developer in Seattle's Northgate neighborhood. And now it has paid $33 million for an older multifamily property, the 146-unit Park at Northgate at 10713 Roosevelt Way N.E.

Several years ago, Wallace developed a 265-unit apartment project at Northgate, and it's gearing up to start building another 140 units there next year. Spurred by the construction of a new light rail station in the neighborhood, Wallace and other developers already have built more than 1,000 new apartments.

Sound Transit is spending $1.9 billion to extend light rail 4.3 miles from Husky Stadium to Northgate. When completed in 2021, the trip from Northgate to downtown Seattle will take 14 minutes, and apartment companies are banking that people will be more apt to rent in cheaper Northgate than pricey downtown.

Wallace plans to make minor renovations to the Park at Northgate and seek the city's permission to build additional units in exchange for providing affordable housing on the site. Wallace Properties President Kevin Wallace said his company already has provided more than 100 rent-restricted apartment units in Northgate.

Wallace Properties bought the Park at Northgate from MG Properties Group of San Diego. The Wallace family and a group of local investors bought the property. James Bach of CBRE arranged the loan for the buyers, and Giovanni Napoli and Philip Assouad of Kidder Mathews brokered the deal.. Pinnacle will manage the Park at Northgate.

For the full story, go to Puget Sound Business Journal.

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