335-Unit Complex Fetches $47M-Plus

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SEATTLE-The 335-unit Overlook at Magnolia changed hands last month for $47.7 million, according to King County records. An entity of locally based Weidner Investment Services acquired the 30-year-old property in this city’s Magnolia neighborhood from SSR Western Multifamily LLC, an investment vehicle for CalPERS that acquired the property in 1998 for $33.9 million.

Located on a west-facing slope at 3530 27th Pl. W., the Overlook at Magnolia is the largest property in the Magnolia neighborhood, which juts out into the Puget Sound about 15 minutes north of Downtown. The development consists of 11 four- and five-story buildings housing one-, two- and three-bedroom units, one four-bedroom penthouse and an office/recreation center. Project amenities include a fitness center, community room, whirlpool and sauna, laundry facilities and storage.

Red Mortgage Capital of Columbus, OH, provided $29.35 million in Fannie Mae DUS acquisition financing that carries a 10-year term and 30-year amortization schedule. Red Capital Advisor Inc. also provided a 10-year co-terminus mezzanine loan in the amount of $8.83 million. “We were able to catch rates while they were at the low end of their recent range,” says Weidner head of finance Ben Katon.

Weidner Investment Services is a locally based real estate, investment, and management company. It owns a portfolio of 19,000 units in five markets, including about 3,700 in the Seattle area. The Red Capital Group of companies are members of publicly held National City Corp.