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January 05, 2017

Acacia sells more apartment buildings

Seattle Daily Journal of Commerce

Brian Miller

The DJC recently reported that Acacia Capital Corp. of Phoenix sold the 87-unit Q Apartments on Upper Queen Anne for $26.5 million.

In two related sales, also using LLCs, Acacia sold two other upgraded Seattle apartment buildings to separate new owners for a combined total of $27.65 million.

Here are the two others that sold:

  • The Summit at 733 Summit Ave. E. on Capitol Hill. The 52-unit building was developed in 1949. Acacia's SEA Summit 12-B LLC acquired the property as part of a 2010 portfolio sale for $9.1 million. The Summit sold for $16.97 million, or about $326,400 per unit. The buyer was CX3 Summit LLC, which is associated with investor Susie Naficy of Bellevue.
  • The Park at 1205 Queen Anne Ave. N. The 34-unit building was developed in 1948. Acacia's SEA 1205 Queen Anne 12-B LLC acquired the property in the same portfolio sale for $6.3 million. The Park sold for $10.68 million, or about $314,200 per unit. The buyers were four LLCs associated with Westlake Associates, and Kidder Mathews brokers Giovanni Napoli Napoli and Ryan Dinius.

Acacia's sale of all three properties totaled about $54.2 million. The three sales closed at the very end of 2016.

Acacia bought all three properties from Granite Peak Partners in a $33.3 million portfolio sale seven years ago.

Acacia is an active investor in the Seattle area, and has used the same value-add strategy on older apartment buildings on First Hill, in Bellevue and in the International District.

Last October, an Acacia LLC bought the 360-unit Campbell Run apartments in Woodinville for $98 million.

© 2017 Seattle Daily Journal of Commerce. All rights reserved.

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