Seattle Property Lands $52M in Financing

CBRE originated the 10-year mortgage through Freddie Mac, less than a month after a joint venture purchased the 344-unit multifamily asset for $83.2 million.
Waterford at the Lakes. Image courtesy of Yardi Matrix

A joint venture between RISE Property Trust and Tokyu Land Corp. has taken a $52.4 million financing package for Waterford at the Lakes, a 344-unit community near Seattle, according to Yardi Matrix. CBRE provided the 10-year mortgage through Freddie Mac.

The owner acquired the property in late May for $83.2 million from Nuveen Real Estate. The seller had purchased the asset for $37.6 million in September 2011 from Griffin Capital.

Located at 23605 62nd Ave. S. in Kent, Wash., the garden-style community’s 32 buildings are situated less than 20 miles south of downtown Seattle. The area is home to a number of other multifamily properties, including a 77-unit property which traded for nearly $16 million earlier this year.

Waterford at the Lakes contains one-, two- and three-bedroom units, with floorplans ranging from 535 to 1,132 square feet. Community amenities include basketball and racquetball courts, a business center, child care services, a swimming pool and valet trash service. In April, the asset was 92.7 percent occupied, per data from Yardi Matrix.