Lakevision Capital Pays $286M for Greater Seattle Community
This transaction marks the largest deal in the metro so far this year.
Lakevision Capital has purchased Parkside Apartments, a 664-unit luxury community in Redmond, Wash., for $285.9 million, according to public records. A partnership between Daiwa House Texas and a group of investors previously associated with Lincoln Property Co. Residential—now rebranded as Willow Bridge Property Co.—sold the asset. JLL brokered the transaction.
The deal marks the largest transaction to close in Greater Seattle so far this year, according to Yardi Matrix. In fact, no other asset changed hands for more than $286 million since December 2022, when Ponte Gadea purchased Oxford Property Group’s 460-unit Kiara for $322.4 million.
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Parkside Apartments debuted in 2021. Development began five years earlier when Daiwa House Group issued a $137.6 million construction note, the same source shows.
The property encompasses studio, one- and two-bedroom floorplans ranging from 495 to 1,350 square feet. Units feature quartz countertops, soaking tubs, walk-in closets and key-card entry access, as well as private balconies in select apartments. Community amenities comprise a gym, rooftop and outdoor deck, a pet wash station, bicycle ski storage, as well as private telecommuting conference rooms.
Located on 4.5 acres at 15551 NE Turing St., Parkside is within the borders of Esterra Park, a 30-acre master-planned community featuring more than 2,600 multifamily units and some 240,000 square feet of office space. Less than 1 mile away, Microsoft’s Redmond Headquarters can be found, while downtown Seattle is about 13 miles southwest.
JLL Senior Managing Directors David Young and Corey Marx, alongside Senior Director Chris Ross, represented the seller and procured the buyer.
Greater Seattle’s traded unit count nearly doubles year-over-year
Year-to-date through October, more than 5,890 apartments changed hands in metro Seattle at an average price per unit north of $286,700 for a total multifamily transaction volume upward of $1.3 billion, Yardi Matrix data shows. Parkside Apartments traded above that average, at $430,572 per unit.
Last year, investors were more cautious, trading more than 3,180 units throughout Greater Seattle during the same interval, the data provider shows. However, the average price per unit was higher—north of $314,000—and the total investment volume was upward of $900 million.
One notable Seattle deal closed this summer when a joint venture between Goldman Sachs and Virtú Investments acquired the Skyglass Tower, a 338-unit asset. Gemdale USA sold the property for $173.8 million.
