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MacNaughton Pays $54M for Seattle Asset

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Keelson Ballard. Image courtesy of Colliers

Honolulu-based MacNaughton has bought the 105-unit Keelson Ballard in Seattle for $53.6 million. The company landed $42 million in acquisition financing from First Hawaiian Bank, according to public records. Colliers represented the buyer in the off-market transaction.

Sam Wayne, senior vice president with Colliers, said in prepared remarks that rents in the Ballard submarket and multifamily demand have grown throughout the pandemic, with a vacancy of 3 percent and rents up 13 percent year-over-year.

Completed in 2017, the property offers a mix of one and two-bedroom units ranging from 637 to 1,143 square feet, according to Yardi Matrix data. Units feature high-end finishes and include washers and dryers. Community amenities include a fitness center, clubhouse and a rooftop plaza. A total of 92 parking spaces are also available.

Located at 1537 NW 56th St., the community is some 6 miles northwest of downtown Seattle and has several dining, retail and entertainment options available within a 1-mile radius. The National Nordic Museum is less than a mile west.

Wayne, along with Vice President Tim McKay, Senior Vice President Dan Chhan and Vice President Matt Kemper formed the Colliers team that brokered the sale.

The post MacNaughton Pays $54M for Seattle Asset appeared first on Multifamily Real Estate News.

Source Here: multihousingnews.com

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Mequity Cos. Sells Atlanta Self Storage Portfolio

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CubeSmart Portfolio. Image courtesy of Marcus & Millichap

Mequity Cos. has sold a two-property self storage portfolio totaling 171,990 net rentable square feet in Atlanta. Extra Space Storage acquired the portfolio previously managed by CubeSmart. The LeClaire-Schlosser Group of Marcus & Millichap represented both parties in the deal.

The first property, built in two phases in 1980 and 2020, is located at 2141 Powers Ferry Road in Marietta, Ga., and offers 87,664 rentable square feet of climate-controlled units, ranging from 20 to 540 square feet. The facility includes drive-up access and parking options.

Completed in 2018, the second asset is located at 2232 Mountain Industrial Blvd. in Tucker, Ga., and encompasses 89,250 rentable square feet. Storage spaces include climate-controlled units ranging between 25 and 300 square feet, some of them with drive-up access.

A growing market

Despite moderating rent growth across the U.S. and a per-person inventory of 8.4 net square feet, above the 6.9 national figure, Atlanta recorded double-digit rent increases for the average 10×10 non-climate- and climate-controlled units year-over-year in December, reaching 14.3 percent and 13 percent, respectively.

The Marietta facility has an occupancy rate growth of 4.4 percent per month, and the Tucker location reached 97 percent occupancy in 30 months. The seller was able to capitalize on these strong market fundamentals and sell at a convenient time in the current cycle, according to prepared remarks from Ian Lindahl, investment associate at Marcus & Millichap.

Just earlier this month, Marcus & Millichap arranged the sale of another self storage portfolio in the area, totaling 3,070 units that traded for $67 million.

The post Mequity Cos. Sells Atlanta Self Storage Portfolio appeared first on Multifamily Real Estate News.

Original Post: multihousingnews.com

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Want to More Easily Track Overland Park City Councilmembers’ Votes? the City’s Working on It

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People who want to know sooner rather than later how individual councilmembers voted in Overland Park may get some help this year. A city council committee recently sent instructions for

Original Article: shawneemissionpost.com

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Showing Appreciation 

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To the Editor: 

I’d like to express my deepest gratitude to Susan Sanford and Vineyard Complementary Medicine for offering a five-point ear acupuncture clinic to teachers, for free! This is a trying time for al,l and your gesture speaks volumes to your recognition and appreciation of the work we do, especially now. Many thanks.

 

Alicia Knight
Chilmark
Knight is a teacher at Edgartown School.  –Ed.

The post Showing appreciation  appeared first on The Martha’s Vineyard Times.

Original Post: mvtimes.com

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