Transwestern Investment Management (TIM) today announced it purchased a land parcel at 1100 East Madison St. together with its equity partner, State Farm Life Insurance Company, as the site for a new mixed-use development. The project site is located on the corner of 11th Avenue and Madison Street in Seattle’s Capitol Hill neighborhood. The owners retained Alliance Residential to develop an urban, mixed-use project featuring approximately 7,500 square feet of street level retail space, 105 apartments with a unit mix ranging from studios to 2 Bed/2 Bath units and a 76-space subterranean parking garage. With delivery expected in 2014, the development aims to capitalize on its proximity to employment centers in First Hill and the Seattle CBD. The project site also is near cultural attractions in the area, which will be enhanced by the anticipated completion of the street car and light rail systems in 2013 and 2016, respectively.
“With this acquisition, we continue to implement the plan for selective geographic and product diversification we have for State Farm,” said Juan DeAngulo, managing director, portfolio management at TIM. “The balance of quality office, industrial, retail and multifamily product enhances the durability of investment returns for our investment client.”
Collin Comer, TIM’s managing director, national acquisitions, added, “We viewed this as an attractive opportunity to own high-quality multifamily product in a strong submarket of Seattle. Transactions completed by our coordinated team, which was dedicated to evaluate the development opportunity and make the timely investment, demonstrate our capability and interest in working with experienced multifamily developers in key markets.”
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Transwestern Investment Management Company (TIM) is a privately held, operationally independent investment advisory firm with the experience and capabilities to customize investment strategies to address changing risks and opportunities in the U.S. real estate markets. The firm is a subsidiary of Transwestern Investment Group, the real estate investment firm serving a broad range of clients through a diversified array of vehicles including separate accounts, joint ventures and programmatic funds.
The firm’s operating structure is designed to increase accountability, risk management and investment and asset management decision-making directly impacting the client’s investment objectives. Clients benefit from Transwestern’s national best-in-class services, access to penetrating local market insight and research, enhanced access to opportunities and superior local execution capabilities. For more information, please visit www.transwesterninvest.com