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18 December 2000
Lend Lease Buys Multifamily Property In Suburban Seattle
New York, NY – December 18, 2000 – Lend Lease Real Estate Investments, Inc., the global real estate financial services company, announced today the acquisition of Pebble Cove Apartments, a garden apartment complex in Renton, Washington. The property was purchased on behalf of an institutional investor client from Archstone Communities Trust.
Built in 1996, the property includes 18 buildings comprising 288 apartment units. Pebble Cove features an outdoor swimming pool, modernly equipped fitness center, clubhouse with theater, sports court, playground and barbecue area. The property is conveniently located in proximity to major interstates and SeaTac Airport, and provides a simple commute for employees working in the greater Seattle market. Pebble Cove also offers easy access to numerous retail and entertainment services in the area.
Todd Darling, a Vice President with Lend Lease who negotiated the transactions said, “Pebble Cove was a great opportunity to acquire a well located apartment community in one of Seattle’s strongest submarkets for a price below replacement cost. We expect this asset to perform well for our client.”
This transaction follows the company’s recent announcement regarding its planned acquisition of $1 billion in new United States multifamily property in the fiscal year-ending June 30, 2001. Lend Lease seeks to acquire all types of multifamily assets – new, existing, and to-be-built projects, garden-, low-, mid-, high-rise properties, in urban and suburban locations, throughout in the United States on behalf of its client accounts.
Lend Lease Real Estate Investments completed $10.7 billion in transactions for the year ending June 30, 2000, including $3.9 billion in equity acquisitions, $2.7 billion in dispositions and $1.3 billion in financings.
Lend Lease Real Estate Investments is one of the largest real estate investment managers in the world and a leading U.S. real estate advisor to pension funds. The company has $41 billion in real estate and commercial mortgages under management for institutional and private clients in the US. In addition, the Group services some $50 billion of commercial real estate loans.
On a worldwide basis the Lend Lease Group is an integrated real estate funds management and services business comprising funds management, project management and construction and property development. In real estate funds management, Lend Lease provides equity and debt origination and management, in public and private markets, and manages $48 billion on behalf of clients globally. Lend Lease provides project management and construction services in almost 40 countries, usually on a fee for service basis, for a blue chip client base with a high level of repeat business. In property development, Lend Lease has expertise in commercial, retail and complex urban mixed use developments, with a strong retail focus, in Europe, Asia, Australia and the US, utilizing primarily third party capital.
The integrated and global nature of Lend Lease's real estate businesses places the Group in a unique position to provide product and service offerings to clients across the full range of funds management and other real estate services, and across borders. media
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