JRK Expands Portfolio with 11-Acre Community Buy
- Oct 28, 2016
Seattle—The 225-unit Trillium Heights apartment community in Silverdale, Wash., was recently acquired by JRK Property Holdings. The seller is a joint venture between Pinnacle and AEW Capital Management. Transaction details were handled by CBRE Seattle representatives John Hallgrimson, Eli Hanacek, Frank Bosl and Josh McDonald.
Located at 12240 Daphne Road, the community was originally built in 1989 and underwent the last major renovation process back in 2011. The community offers one-, two- and three-bedroom apartments with open floorplans, wood burning fireplaces, private patio/balcony and washer/dryer units.
Trillium Heights occupies a low-density, 11-acre site, and is made up of nine three-story buildings. The resident amenity package consists of a resort-style clubhouse, fitness center, community room, pool and spa, indoor basketball court, and a children’s play area. According to real estate data provider Yardi Matrix, the property operated at roughly 97.8 percent occupancy. Average rents at Trillium Heights hover around the $1,400 mark, per the data provider.
JRK is reportedly set to carry out a number of improvements at the community in order to further increase its value. The list of upgrades includes faux-wood floors, lighting fixtures, and solid surface countertops, JRK Senior Vice President & Head of Acquisitions James Bloomingdale noted in prepared remarks.
Image courtesy of JRK Property Holdings