Keen-Summit Capital Partners LLC Retained by Harbor Custom Development as part of their Bankruptcy Proceeding
SEATTLE, Feb. 21, 2024 /PRNewswire-PRWeb/ -- A major investment opportunity in the Seattle/Tacoma market is emerging as four apartment complexes owned by Harbor Custom Development (HCDI) head into Chapter 11 bankruptcy. Keen-Summit Capital Partners LLC, a leading real estate brokerage and investment banking firm based in New York, NY, has been retained to manage the sale of this premier multi-family real estate portfolio, which represents a rare opportunity to invest in one of the Pacific Northwest's thriving real estate markets.
"With real estate activity burgeoning in the Pacific Northwest region, this premier multi-family portfolio is extremely attractive," notes Matthew Bordwin, Principal and Co-President of Keen-Summit Capital Partners. The Seattle/Tacoma area, celebrated for its lower cost of living relative to Seattle city center and reduced congestion, offers an appealing quality of life with its stunning mountain views, waterfronts, and abundant outdoor activities as well as a vibrant cultural scene with museums, music and arts. Despite recent tech layoffs nationally, the Washington area, anchored by powerhouses like Amazon, Microsoft, and Boeing, remains a tech haven with continued job growth and high-paying opportunities.
Harbor Custom Development ("HCDI"), a Tacoma-based company cited the COVID-19 pandemic, supply chain disruption, and its expansion endeavors outside of Washington as the primary factors of its financial difficulties.
Jeffrey Habersetzer, Interim CEO of Harbor Custom Development, Inc., explained, "These are outstanding assets and opportunities for other multi-family developers and investors in one of the most vibrant real estate markets in the country. To maximize value, we were mindful about the importance of working with a firm with a deep understanding of real estate dynamics. Keen-Summit's exceptional expertise will be instrumental in helping us navigate through complex waters to achieve the best outcomes possible."
Bordwin explains, "The Seattle real estate market remains robust, with each location in HCDI's portfolio offering unique investment opportunities. We are poised to bring our extensive experience and market knowledge to the forefront, which will ensure a streamlined and successful sale process for our client's valuable assets."
Keen-Summit has a well-deserved reputation for handling complex real estate transactions, which was confirmed by Shelly Crocker, HCDI's Chief Restructuring Officer: "Our decision to partner with Keen-Summit is a strategic step towards maximizing value for our stakeholders. Their proven track record in handling similar cases will prove to be invaluable."
The portfolio includes:
- Belfair View Apartments in Belfair, WA – 228 Units
- Phase 1 Complete in February 2023 (126 Units; 82 Occupied)
- Phase 2 Ready to Finish Vertical (102 Units)
- Bridgeview Trail Apartments in Port Orchard, WA – 138 Units
- Horizontal construction complete
- Plans and approval for 138 units (ready to go vertical)
- Short drive to the Kitsap Naval Base, a major contributor to a robust defense economy with approximately 40,000 employees tied to the military and defense industry in the area
- Meadowscape Apartments in Olympia, WA – 177 Units
- Construction Completed in December 2023
- 177 Units, 20.9% Occupied
- Attractions: Nisqually Wildlife Refuge, Wonderwood Park and East Bay Waterfront Park
- Pacific Ridge Apartments in Tacoma, WA – 80 Units
- Construction Completed in November 2022
- 80 Units, 73.75% Occupied
- Quick and easy access to I-5 and SR 512
The auction has yet to be scheduled. Stalking horse offers are being considered.
HCDI's multi-family real estate portfolio isn't the first mega property auction for Keen-Summit. Keen-Summit auctioned off the WC Braker portfolio in Austin, TX for over $102 million, 36% over asking price – in 63 days from list to closing. In 2020, during the height of the Covid pandemic, Keen-Summit secured the sale of L'Ermitage Beverly Hills Hotel for $100 million.
Further Details and Contact Information:
Additional details are available in a virtual dataroom at HarborCustom-BankruptcySale.com. For direct inquiries, contact Keen-Summit Capital Partners, 646-381-9222. The sale is subject to court approval.
About Keen-Summit Capital Partners, LLC
Keen-Summit Capital Partners LLC is a real estate brokerage, workout and investment banking firm specializing in special situations, restructurings, bankruptcies and receiverships, with offices in Manhattan and Melville, NY, and Chicago, IL. Keen-Summit Capital Partners LLC represents property owners, retail and commercial tenants, commercial and industrial businesses, investors, developers, and creditors across various industries. Clients benefit from its reputation for excellence and integrity, extraordinary industry experience, in-depth market knowledge, time-tested business approach, deep industry relationships, workout and bankruptcy expertise, and over 40 years of exceptional execution capabilities. For more information about Keen-Summit Capital Partners, call 646-381-9222 or visit www.keen-summit.com.
Media Contact
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SOURCE Keen-Summit Capital Partners LLC
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