Sack Properties (Sack), a 62-year-old, San Francisco-based real estate investment and management firm with a $750 million portfolio of approximately 2,500 multifamily units throughout the Western United States, announced the acquisition of Chateau Woods, an apartment community in Woodinville, Washington.
“Chateau Woods fits perfectly into our long-term portfolio of suburban multifamily properties,” said Kirby Sack, CEO of Sack Properties. “Our investment mandate focuses on owning and operating in high-quality Western United States submarkets. Typically our assets are of older vintage, but here we were able to uncover opportunity in a 2008 asset. Chateau Woods’ winning formula is the combination of excellent location, newer product, and growth opportunity.”
Chateau Woods is adjacent to the region’s technology hubs of Bellevue, Redmond, Kirkland and Seattle. Nearby employers include Amazon, Microsoft, Google, and Facebook, all of which are expanding their physical footprint on the Eastside. Most recently, Amazon announced their intention to build “HQ3” in Bellevue which would place an additional 22,000 employees at that location over the next five years.
Built in 2008, Chateau Woods is an “Energy Star Certified” condo-quality asset. The property mix includes 59 one-bedroom units, and 55 two-bedroom units. The average unit size is 978 square feet, and 36 percent of the units include a den. The elevator-served community also has a resident clubhouse, a 24-hour fitness center, bike storage, and outdoor courtyards with dining and barbeque areas.
“Through the relationships we have cultivated over decades, we were able to identify and close on this rare asset in a time in which transaction volume is challenged due to the pandemic,” added David Feinberg, CIO of Sack Properties. “This is our third transaction on the Eastside of Seattle in the past 18 months as we are believers in the growth story. I’m proud of what our team was able to accomplish given the complexity of this transaction and the current environment.”
Sack Properties was represented by the Pacific Northwest Institutional Property Advisors (IPA) team of Giovanni Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske.
Financing was led by JLL Capital Markets senior managing director Charles Halladay, senior managing director Peter Smyslowski, managing director Chris Gandy, and analyst Matt Cimino.
Sack Properties’ other Washington State properties include Summit Redmond in Redmond and The Mill in Mill Creek.