Global Real Estate Provider Closes Its Largest Transaction of Year

SEATTLE, Sept. 16 /PRNewswire/ -- The Pinnacle Family of Companies announced today that is has purchased Shorewood Heights, an irreplaceable multifamily community comprised of 645 apartment homes located on Mercer Island, WA, one of the most exclusive residential neighborhoods in the Seattle area. This acquisition is a partnership between Olympic Investors (an equity platform within the Pinnacle Family of Companies) and a public pension fund represented by CS Capital Management of Los Angeles. Kenny Dudunakis of Hendricks & Partners represented the seller, Shorewood Heights Apts. LLC of Des Moines, IA, in the transaction. Financing through Fannie Mae was arranged by Allan Edelson of CW Capital.

(Photo:  http://photos.prnewswire.com/prnh/20100916/SF66113)

(Photo:  http://www.newscom.com/cgi-bin/prnh/20100916/SF66113)

"The acquisition of this quality asset represents a continuation of our strategy to purchase targeted Class A multifamily communities in core markets across the United States," says John Goodman, Chairman of the Pinnacle Family of Companies.

Shorewood Heights is a landmark multifamily asset with the capacity for development of an additional 124 units. Located on 45 acres of lush, forested grounds, this community boasts unsurpassed views of Lake Washington and the Cascade Mountains.  Select apartment homes feature fireplaces, elegant crown molding, oversized windows, washer/dryers and rich hardwood floors.  Residents also enjoy the use of a business center, concierge services, and tennis and basketball courts in addition to the resident garden.  Shorewood Heights is situated within the highly regarded Mercer Island school district, equidistant between Seattle and Bellevue and located near wide-ranging outdoor amenities such as hiking and biking trails.  

The owners plan to complete additional improvements including a new feature swimming pool, upgraded landscaping, and expansion of the existing fitness center. This asset is slated to be a long-term hold. Pinnacle will provide property management services to the property and manage the contemplated upgrades.

The Pinnacle Family of Companies is seeking investment opportunities in the range of $15 million to $250 million, targeting core assets, underperforming and/or distressed assets with value-add potential through management, renovation, construction completion, repositioning or redevelopment.

About the Pinnacle Family of Companies

The Pinnacle Family of Companies is a global real estate provider, specializing in strategic investments, development and management of multifamily residential communities.  As the nation's largest third-party manager of multi-family housing; Pinnacle's portfolio is valued at $22 billion, includes more than 185,000 residential units and 15 million square feet of commercial assets. With the Corporate headquarters located in Dallas, Texas, Pinnacle has over 40 Regional and field offices with 5,000 employees located seven countries, 42 states, and 250 cities worldwide. For more information, visit www.PinnacleFamily.com.

SOURCE Pinnacle, An American Management Services Company