JLL Closes $69M Sale of Seattle Arcadia Townhomes
- Dec 01, 2016
Seattle—JLL’s Capital Markets experts announced the closing on the sale of Arcadia Townhomes, a 309-unit multifamily property for $68.5 million, on behalf of a joint venture between TruAmerica Multifamily and Guardian Life Insurance Company of America. Located at 1300 SW Campus Dr. in Federal Way, Wash., the asset was purchased by Priderock.
“We are seeing continued, historically high job growth and there is heightened demand for quality multifamily product,” David Young, managing director at JLL, told Multi-Housing News. “As pricing sees upward pressure in the core, we have seen a surge of investors look toward higher yielding value-add assets in suburban markets.”
The property offers two- and three-bedroom floor plans with hardwood floors, fully-appointed kitchens featuring stainless steel appliances and dark espresso cabinets, full size washers and dryers, large closets and private patios and balconies, with each unit being more than 1,000 square feet. Residents have access to amenities such as a state-of-the-art fitness center, heated outdoor pool and deck, a clubhouse with a fireside lounge, a private movie theater, a barbeque gazebo, an on-site Dog Park, a playground, biking and walking paths and Wi-Fi.
“Rental rates continue to grow at an exceptional rate throughout Puget Sound and investors are casting a wider net to find multifamily assets that deliver value,” added Young, in prepared remarks. “Arcadia Townhomes presented the opportunity to acquire an asset with true value-add potential in a more affordable submarket with strong fundamentals.”
Both Young and Managing Director Corey Marx led the JLL team for the transaction.
Images courtesy of JLL