CBRE Announces the Sale and Financing of Alto Apartments in Seattle to Hartz Mountain Industries
**Acquisition Marks Hartz’ Entrance into West Coast Real Estate Market**
Seattle, WA (July 24, 2013) – Jeffrey Dunne and Christopher Leonard of CBRE, Inc.’s New York Institutional Group, along with James Gunning and Donna Falzarano of CBRE Debt & Equity Finance, represented the purchaser, an entity controlled by Hartz Mountain Industries, in the acquisition and financing of Alto Apartments, a premier 17-story, 184-unit apartment community located in downtown Seattle. The seller, a joint-venture of Harbor Urban and Cigna Realty Investors, was represented by Jon Hallgrimson, Frank Bosl and Eli Hanacek of CBRE’s Seattle office.
Alto Apartments is a 17-story, LEED Silver certified high-rise residential property located in the Belltown neighborhood of Seattle with sweeping views of the Olympic Mountains, Puget Sound, the Space Needle and the downtown skyline. The property was constructed in 2012 and enjoys modern, Class A apartment finishes. The rich amenity package at the property includes a glass-enclosed penthouse lounge, Viking BBQ grilling stations, community room, common-area wi-fi, bike storage, state-of-the-art fitness center, two on-site Zipcars and other modern urban-centric amenities.
“Everything about the Alto Apartments says attention to detail and the outstanding views of the Olympic Mountains, Puget Sound, the Space Needle and the downtown skyline make it a perfect place to live, work and play,” said Emanuel Stern, president and chief operating officer for Hartz Mountain. “Alto Apartments offered Hartz an exciting opportunity that we could not pass up along with making it a meaningful acquisition in a market that is both flourishing and still nowhere near its full potential.”
Jeff Dunne had the following comments on the acquisitions: “Alto Apartments represents Hartz Mountain’s first major apartment acquisition on the West Coast. The Seattle market is an exciting investment opportunity for Hartz and Alto’s high-rise construction and transit-oriented location should provide for long-term rental growth.”
The CBRE New York Institutional Group (the “Group”) specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. The Group services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.
The New York Institutional Group has a number of attractive investment opportunities currently on the market including: Infinity Harbor Point, a new 242-unit, 22-story high rise apartment property in Stamford, Connecticut with breathtaking views of Long Island Sound; Newbury Village, a 180-unit apartment property located at the merge of Interstate 91 and the Wilbur Cross Parkway in Meriden, Connecticut; and Pelham Manor Shopping Center, a 228,493± SF power retail center anchored by BJ’s, Michael’s and PetSmart.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
About Hartz Mountain Industries, Inc.
Headquartered in Secaucus, NJ, Hartz Mountain Industries, Inc. owns and manages one of the largest privately held commercial real estate portfolios in the United States, comprised of approximately 200 properties and totaling more than 38 million sq. ft. in the northern New Jersey/New York area. In 2010, Hartz acquired a four-property apartment portfolio which has since grown to more than 4,000 units. Hartz employs a comprehensive approach to real estate for leasing, management, finance, acquisition, architecture, construction, development, planning, and marketing, design and property management that allows the company to remain at the forefront of commercial, industrial, retail and hotel development.
In the past few years, Hartz has led the “green” way through a comprehensive program to reduce waste and energy use, while increasing clean energy production via investments in solar energy. Hartz has been recognized by Solar Energy Industry Association (SEIA) and the Vote Solar Initiative as top 20 commercial solar power users in the U.S.; and New Jersey Business and Industry Association (NJBIA) gave Hartz the “Environmental Quality Award”. Additional recognition includes two awards for its energy efficiency practices in 2010 from Builders Owners and Managers Association (BOMA) of New Jersey, and NJPA Real Estate Journal as the “Best Developer of 2004”; Business News New Jersey (NJBIZ) recognized it as one of the best places to work in New Jersey for 2004 and 2005. President and Chief Operating Officer, Emanuel Stern has been recognized by NJBIZ as the “Green Executive of the Year,” NJBiz’s 100 Most Powerful People in New Jersey in 2012, and #1 in its Real Estate Power 50 Report in 2011. Mr. Stern also won the 2009 Industry Service Award from the Meadowlands Regional Chamber of Commerce.