Secaucus, NJ-based Hartz Mountain Industries, which began acquiring and constructing a national portfolio of luxury apartments in 2010 that has reached close to 3,000 units, has expanded to the West Coast by purchasing Alto Apartments, a 184-unit residential tower in the Belltown section of Seattle, WA.
The sellers, Seattle-based Harbor Urban and Cigna Realty Investors, said the sale price was $62.3 million.
Hartz Mountain caters to a musical clientele at its Tribeca Grand and Soho Grand Hotels in New York City and appreciates the building’s name Alto in honor of the site, which was once the home of the Musician’s Association of Seattle formed in 1889.
“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.
While Hartz Mountain’s strategy for increasing its residential asset class focuses on newly constructed developments in fast-growing urban areas on the East Coast, it is the company’s goal to continue to survey the national markets for other quality residential acquisitions like the Alto.
Stern continued, “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 of CBRE’s New York Institutional Group represented Hartz Mountain had the following comments on the acquisition: “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 property was constructed in 2012 and enjoys modern, Class A apartment finishes. The 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.
Hartz Mountain was represented in the purchase by Dunne and Christopher Leonard of CBRE’s New York Institutional Group. James Gunning and Donna Falzarano of CBRE’s Debt & Equity Finance team secured the debt for Hartz Mountain. Jon Hallgrimson, Frank Bosl and Eli Hanacek of CBRE’s Seattle office represented the seller.