SEATTLE, WA - Harbor Properties, Inc., one of Seattle's preeminent multifamily real estate developers, formally announced 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.