Seattle– Jones Lang LaSalle today announced its Capital Markets experts have successfully arranged the sale of the NOVA Apartments in Seattle on behalf of Seattle-based developer Harbor Urban LLC. Zurich Alternative Asset Management, LLC (ZAAM) of New York purchased the 62-unit property located at 4600 SW 36th Avenue SW. Terms of the transaction were not disclosed.
Managing Director David Young and Senior Vice Presidents Seth Heikkila and Corey Marx led the Jones Lang LaSalle team on this transaction.
Completed in November 2012 and designed by Runberg Architects, NOVA is situated in the Fauntleroy Triangle neighborhood of west Seattle, and features 62 one- and two-bedroom units in a single five-story building. The average unit size is 667 square feet. The property features a rooftop garden and efficient water and energy usage and wifi-enabled common areas. NOVA was fully leased at the time the transaction closed.
“We’re seeing continued strong interest in quality assets within the Seattle multifamily sector among a wide range of institutional investors due to the city’s rising prominence as a gateway market and its continuing, strong job growth,” said Heikkila. “Interest among investors new to the region is particularly high.”
This is ZAAM’s second multifamily acquisition in the Puget Sound region. The investor owns more than 200 commercial properties totaling more than 200 million square feet in 30 U.S. markets. ZAAM is a wholly owned subsidiary of Zurich Insurance Group.
Harbor Urban is one of Puget Sound’s most active and respected multifamily and mixed use developers, and was formed following the acquisition of local developer Harbor Properties Inc. by Los Angeles-based Urban Partners and New York’s AREA Property Partners in 2012.
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management.