GID Pays $242M for Seattle-Area Community
The sale of the 409-unit asset marks a record.
General Investment & Development has acquired Uplund at Totem Lake by Windsor, a 409-unit community in Kirkland, Wash., according to The Registry. American Capital Group and Artemis Real Estate, represented by CBRE, sold the property. Ten percent of the apartments are allocated as affordable units. The sale represents the largest multifamily transaction in Kirkland history, according to CBRE.
According to Yardi Matrix data, American Capital Group owns five other properties in the Greater Seattle area, with two more under development, while GID has eight properties in the market, including another asset in Kirkland, a 161-unit community. While Seattle’s 2021 recovery was rather slow due to issues tackled by many coastal markets, the metro’s pipeline picked up steam recently. As of mid-July, the metro had 28,134 apartments under construction, with an additional 106,000 units in the planning and permitting stages, both figures rising since the beginning of the year.
The CBRE team that represented the sellers of Uplund at Totem Lake consisted of Vice Chairmen Eli Hanacek and John Hallgrimson, Executive Vice President Mark Washington as well as First Vice President Kyle Yamamoto.
A new rental community near Seattle
Completed in 2021, after ACG finished the development of the property when the company took over from the previous owner, Uplund at Totem Lake spans 7.4 acres and encompasses two five and six-story buildings. Floorplans include a mix of studio, one-, two- and three-bedroom apartments averaging 789 square feet. Common-area amenities include two private terrace courtyards, a fitness center, a clubhouse, a business center, a car wash station, a bike storage, coworking spaces, resident lounges and an on-site hiking trail.
Located at 11723 NE 117th Court, the property is 3.5 miles from downtown Kirkland and 18 miles from Seattle. Its proximity to Interstate 405 offers access to major employment centers. The community is near several parks and health centers such as EvergreenHealth Medical Center Kirkland, which is less than 2 miles away. Dining and retail options are available in the surrounding area, including a Whole Foods Market and an Olive Garden. The tourist district, with its several wineries, is 4 miles away.