The off-site, modular construction company Katerra Inc., and a closely related Phoenix firm, The Wolff Company, have offloaded two large, partially built apartment projects in the Pacific Northwest. The sale represents the latest effort by the construction startup to respond to financial challenges that have increased during the pandemic.
American Capital Group and Artemis Real Estate Partners said that a joint venture between the two bought the Lifebridge development in the Seattle, Washington, suburb of Kirkland and another called Amberglen South in Hillsboro, a suburb of Portland, Oregon. Both developments were proposed with senior housing elements which were not part of Artemis and American Capital's acquisition.