SEATTLE--(BUSINESS WIRE)--Harbor Properties, Inc., one of Seattle’s preeminent multifamily real estate developers, formally announced today the closing of a new partnership with Urban Partners, LLC, and AREA Property Partners.
Harbor Properties, Inc., and Urban Partners, LLC, have merged their existing Seattle offices and are operating as Harbor Urban, LLC. Together with AREA Property Partners, Harbor Urban, LLC, will complete its existing construction pipeline as well as future development projects in the region.
“The merging of our teams brings significant benefits to both our firms, and an infusion of capital allows us to enhance and expand our commitment to communities throughout Seattle,” said Doug Daley, who serves as president and CEO at Harbor Properties. “It also gives us the capacity and resources to move forward with several exciting new development projects.”
“As Harbor Urban, LLC, we intend to build on Harbor Properties’ remarkable 40-year legacy of success and our own decade-long commitment to the Northwest,” stated Matthew Burton, principal at Urban Partners, LLC.
“AREA is very excited about Seattle and the demographic trends supporting the multifamily investment and development market. Investing alongside Harbor Urban, LLC, gives us the opportunity to benefit from these trends and utilize our years of experience in multifamily real estate development toward the continued growth and success of Seattle's preeminent real estate development company,” said Richard J. Mack, North America CEO of AREA.
Harbor Urban, LLC, will focus on the development of sustainable urban infill projects including high-rise residential and neighborhood workforce housing. The merger makes Harbor Urban, LLC, one of the most active developers in the region. Combined, the company 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.
The partnership between the companies is a seamless continuation of what Harbor Properties has been creating over the past 40 years in urban neighborhoods throughout Seattle. The company is recognized in the region for developing market rate workforce-housing projects with appealing design, and collaborating with stakeholders to create livable, walkable and sustainable mixed-use communities close to transit.
Harbor Properties broke ground in September on GreenHouse, the first significant new residential market-rate apartment project to be developed in the emerging Columbia City neighborhood in over 10 years. Harbor also started construction in December on Nova, its third multifamily project in West Seattle. Alto, a 184-unit apartment tower in Seattle’s Belltown neighborhood, is due for completion by Harbor Urban, LLC, later this month.
Harbor Urban, LLC, broke ground this past November on Kavela, a 63-unit apartment complex located in the Roosevelt-Green Lake neighborhood. In addition, Harbor Urban, LLC, announced this week that it is moving forward on Viktoria Apartments, a 24-story mixed-use project in Belltown that the company is developing in partnership with Goodman Real Estate and Capri Capital Partners, LLC. Viktoria is slated for completion in late 2013.
Seattle-based Heartland Capital Advisors, LLC, served as Harbor Properties' advisor over the past year in developing the strategic partnership announced today.
About Harbor Urban, LLC
Harbor Urban, LLC, is a Seattle-based real estate company that develops and operates environmentally sensitive urban infill projects in pedestrian friendly, centrally located neighborhoods throughout the region. The company is focused on a wide range of real estate project types, including high-rise residential, mixed-use multifamily, and neighborhood workforce housing, to name just a few. More information is available by calling (206) 623-0916.
About Harbor Properties, Inc.
Founded in 1972, Seattle-based Harbor Properties, Inc., is a full service real estate firm that owns, manages and develops a broad spectrum of real estate, including office, retail, and multifamily residential. Harbor focuses on enhancing existing urban communities through the creation of highly sustainable, transportation-oriented developments, including urban villages and market-rate workforce apartments. The firm is currently active in the West Seattle, Belltown, and Columbia City neighborhoods. For more information about Harbor, please visit www.harborproperties.com.
About Urban Partners, LLC
Urban Partners is a real estate planning, investment, development and management firm. Company headquarters are in the historic Bradbury Building in downtown Los Angeles. A Northwest regional office is located in Seattle, Washington. The company pursues select market niches where complexity or innovation creates exceptional potential for its partners and clients. With highly-specialized expertise in urban entitlement processes, complex financial structures and alternative construction methods, Urban Partners identifies unique opportunities resulting in competitive quality and marketing advantages and superior financial performance.
About AREA Property Partners
AREA Property Partners, formerly known as Apollo Real Estate Advisors, is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high net worth individuals. Since the firm’s founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $13 billion in equity commitments for investments in the United States, Europe and Asia. Its funds have collectively invested in over 570 transactions with an aggregated value in excess of $65 billion. Headquartered in New York, the firm has offices in Atlanta, Los Angeles, San Francisco, London, Paris, Luxembourg and Mumbai. AREA’s funds target a broad range of opportunistic, value-added and debt investments in real estate assets and portfolios throughout North America, Europe, and India. For more information, visit the firm’s website at www.areapropertypartners.com.