In the News
January 05, 2017
Acacia sells more apartment buildings
Seattle Daily Journal of Commerce
Back to top
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.