Seattle, Wash. (October 17, 2016) - Acacia Capital Corporation, a property investment firm based out of San Mateo, California, has purchased Campbell Run, a 360-home multifamily community located in Woodinville, Washington, for $98 million. The seller is Grosvenor Americas and the property was managed by Thrive Communities. Kidder Mathews commercial real estate brokers Philip Assouad and Giovanni Napoli marketed and brokered the transaction.
Originally built in 1989, Campbell Run was renovated in 2014 and was awarded the honor of 2014 Renovated Community of the Year by the Washington Multifamily Housing Association. Renovations included a $1 million luxury clubhouse and approximately one-third of the homes were renovated to condo finishes. Acacia Capital plans to continue renovations on the remaining homes.
Located just outside of downtown Seattle and the Eastside Tech Corridor, Campbell Run is minutes from Microsoft's World Headquarters and Google's Kirkland campus. The property is situated on over 17 acres of land along the Sammamish River. Residents have direct access to the popular Burke Gilman urban trail which winds through wineries and breweries in downtown Woodinville and goes as far as downtown Seattle.
Campbell Run is the second largest garden apartment community to sell this year on the Eastside in both sales price and number of units. With this purchase, Acacia's existing portfolio consists of 1,206 homes in the core market of Seattle and the Eastside.
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 600 real estate professionals and staff in 17 offices in Arizona, California, Nevada, Oregon, and Washington. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $4.7 billion in transactions, manages over 37 million square feet of space, and conducts over 1,300 appraisals annually. For more information, visit kiddermathews.com.
About Grosvenor Americas
Grosvenor Americas aims to become a market leader in select geographical areas and sectors in Canada and the USA through focused, strategic expansion. Grosvenor Americas uses their knowledge of the cities they work in and their property skills to develop projects that contribute to the vibrancy and attractiveness of those communities. With a specific interest in retail, residential condominiums and apartments, and mixed-use sectors, the Company currently operates in Washington, D.C., Seattle, San Francisco, Los Angeles, Vancouver and Calgary. As at 31 December 2015, Grosvenor Americas had assets under management of $3.6B USD. For more information, please visit grosvenor.com.
About Acacia Capital Corporation
Acacia has been an active investor and manager of income producing properties for over twenty years, with an emphasis on residential assets in the Western United States. Acacia's apartment investing activity has included more than 22,000 units. Acacia maintains in house expertise in all areas related to acquisition, financing, repositioning, asset management and disposition. For more information, please visit acacia-capital.com