Jackson Square Properties Sells Seattle-Area Community for $79M
The sale adds to the city's high transaction volume this year.
Jackson Square Properties has sold Cascade Ridge, a 270-unit garden-style multifamily community in Silverdale, Wash. for $79.5 million. CBRE represented the seller of the asset, situated at 1206 NW Tahoe Lane in Silverdale. Occupancy at the time of the sale stood at 97 percent.
Completed in 1992, the two- and three-story frame community is spread across 16.5 acres and offers 16 units per acre of low-density living. The property features a blend of one-, two- and three-bedroom apartments, among them townhome-style residences.
Among the common-area amenities of Cascade Ridge are a swimming pool, fitness center with a climbing wall, clubhouse, business center, basketball court, playground, package lockers and dog park. Residences include washer-dryers, private balconies and high-speed internet access.
Situated next to Kitsap Mall and the Kitsap Transit Center, Cascade Ridge is minutes from the downtown core of Silverdale. Also nearby are the recently unveiled $500 million St. Michael Medical Center and Kitsap Naval Base.
READ ALSO: From Industrial Roots to Residential Growth: LKWP’s Strategic Pivot
Nearby parks and recreational amenities include Clear Creek Interpretive Center, Battle Point Park and Grand Forest.
CBRE Vice Chairman Eli Hanacek, Executive Vice President Mark Washington, Senior Vice President Kyle Yamamoto and Investment Sales Manager Natalie Kasper brokered the sale on behalf of Jackson Square Properties.
Limited pipeline
A limited supply pipeline is one of the selling points of the west Seattle submarket, according to CBRE research. No more than 336 units are forecast to come online in the area by the end of the decade. Ongoing rent growth is supported by an average household income of $130,000, along with positive demographic trends. In addition, Cascade Ridge places residents in close proximity to major area employers.
This latest sale adds to the region’s strong multifamily transactions volume; the Seattle area was ranked by Yardi Matrix as having the second-highest transaction volume in the nation, with more than $1.7 billion in sales taking place in the first half of the year. Another $400 million was added to this total in September, when Security properties picked up a five-property portfolio of assets around the city totaling 903 units.
Last month, CEP Multifamily sold Barkley Apartment Homes in the Seattle-area community of Bellingham, Wash. to HB Management for $48 million.
