JRK Property Holdings Buys $57M Seattle-Area Asset

The buyer will complete renovations started by the seller. Additionally, the company will also update the community’s common areas and amenities.
Santa Fe Ridge. Image courtesy of Yardi Matrix
Santa Fe Ridge. Image courtesy of Yardi Matrix

JRK Property Holdings has acquired Santa Fe Ridge, a 240-unit garden-style community in Silverdale, Wash. According to Yardi Matrix, Benedict Canyon Equities sold the asset for $56.5 million, or $235,416 per unit.

Built in 1991, the 12 two- and three-story buildings sit on approximately 15.7 acres at 1415 N.W. Santa Fe Lane. Santa Fe Ridge features a mix of one-, two- and three-bedroom units ranging from 793 to 1,232 square feet. In-unit amenities include large closets, wood-burning fireplace, full-size washer/dryer, private patio/balcony and additional storage. The pet-friendly community includes common-area amenities such as a fitness center, clubhouse, indoor basketball court, swimming pool, spa, tanning salon, dog park, resident lounge and a playground.

JRK will complete the renovations started by the seller. The company will also upgrade the common areas and amenities, including the indoor swimming pool, spa, fitness center and community lounge. The community had an average rental rate of $1,963 as of May, Yardi Matrix data shows.

Investors remain attracted to Seattle, thanks to the tech and e-commerce industries fueling the metro’s economy, keeping it the country’s top-performing multifamily markets.