AREA Property Partners has formed a new partnership with Harbor Properties and Urban Partners to focus on multifamily rental projects in Seattle.
Local developer Harbor Properties and Los Angeles’ Urban Partners recently merged their existing Seattle offices and are operating as Harbor Urban. In partnership with AREA, the new entity will complete its existing development pipeline as well as future projects in the region. AREA declined to provide specifics on its investment in the partnership, but said it will own a majority stake in the assets acquired.
Harbor Urban will develop urban infill projects including high-rise residential and neighborhood workforce housing. Combined, the new entity owns and operates more than 1,100 residential units, with an additional 1,500 residential units in planning or under construction, representing more than $600 million in total investment. Rental projects currently under construction include the 125-unit GreenHouse, which broke ground in September in Seattle's Columbia City neighbourhood, and Nova, a 62-unit multifamily project in West Seattle. Also, Harbor Urban is on track to complete Alto, a 184-unit apartment tower in Seattle's Belltown, later this month.
“AREA is very excited about Seattle and the demographic trends supporting the multifamily investment and development market,” said Richard Mack, North America chief executive officer of AREA, in a statement. “Investing alongside Harbor Urban gives us the opportunity to benefit from these trends and utilise our years of experience in multifamily real estate development toward the continued growth and success of Seattle's preeminent real estate development company.”
The infusion of capital from AREA “allows us to enhance and expand our commitment to communities throughout Seattle,” said Doug Daley, president and chief executive officer at Harbor Properties, in a statement. “It also gives us the capacity and resources to move forward with several exciting new development projects.”