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Permit Patrol: 24 May 2021


A permit has been issued to allow for construction of phase one of Modera Germantown in the district from which its name derives. The permit is valued at about $57.7 million.
A Germantown site long home to Centurion Stone and eyed for a large-scale mixed-use project has sold for $22 million. To offer 400 residential units, the building will have a main address of 1420 Adams St. It will, in part, overlook the Cumberland River on the site long home to Centurion Stone.
Boca Raton, Florida-based Mill Creek Residential. That entity has enlisted Atlanta-based Cooper Carry to handle land planning efforts for the project, ....

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Bell Partners Acquires Third Multifamily Property in Greater Seattle Area With 160-Unit Modera Jackson Apartment Community


SEATTLE, WA - Bell Partners Inc., one of the nation s leading apartment investment and management companies, announced that it has acquired Modera Jackson, a 160-unit apartment community located in Seattle, Wash. The property, acquired on behalf of the firm s Fund VII investors, will be renamed Bell Jackson Street. The seller is Boca Raton, Florida-based Mill Creek Residential. Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), served as broker on the transaction.
Bell Jackson Street is located in the heart of Seattle s historic Central District, giving residents access to a vibrant residential neighborhood and community. The city of Seattle is the largest employment center in the Pacific Northwest with over 328,000 jobs in the downtown core. Fortune 500 companies with headquarters in the city include Amazon, Nordstrom and Starbucks, and other notable employers include Apple, Facebook, Google and Microsoft. ....

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Bell Partners Acquires Third Property in Greater Seattle Area


Bell Partners Acquires Third Property in Greater Seattle Area
160-unit Modera Jackson apartment community will be renamed Bell Jackson Street
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GREENSBORO, N.C., Jan. 27, 2021 /PRNewswire/  Bell Partners Inc., one of the nation s leading apartment investment and management companies, today announced that it has acquired Modera Jackson, a 160-unit apartment community located in Seattle, Wash. The property, acquired on behalf of the firm s Fund VII investors, will be renamed Bell Jackson Street. The seller is Boca Raton, Florida-based Mill Creek Residential. Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), served as broker on the transaction. ....

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Germantown site eyed for project sells for $22M


Phase one of two-building Modera to start in early 2021
A Germantown site long home to Centurion Stone and eyed for a large-scale mixed-use project has sold for $22 million.
To offer residential and retail, the two-building development will be done in two phases, have a main address of 1420 Adams St. and be called Modera Germantown. It will, in part, overlook the Cumberland River.
The new owner is Boca Raton, Florida-based Mill Creek Residential. That entity has enlisted Atlanta-based Cooper Carry to handle land planning efforts for the project, according to a site plan submitted to Metro.
Relatedly, Mill Creek has landed a loan of about $73.6 million from Boston-based Santander Bank. ....

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