UDR Trades Suburban Seattle Apartments for $93M

Berkadia provided the buyer of the Class A property with a $59 million Freddie Mac loan.
Waterscape at Juanita Village

Stream Real Estate has acquired Waterscape at Juanita Village, a 196-unit Class A multifamily asset in Kirkland, Wash., for $92.7 million, according to Yardi Matrix. The seller, UDR, had paid $75.2 million for the property in September 2014. Berkadia provided Stream with a 17-year, $59 million Freddie Mac loan to finance the purchase.

Located at 11801 97th Lane N.E. in the vibrant Juanita Village mixed-use destination, the property opened in 2013. The community has studio, one- and two-bedroom units with floorplans ranging from 565 to 1,448 square feet. Amenities include a media room, covered parking, a fitness center and a sundeck. The asset has an additional 6,500 square feet of retail space at street level. The property was 97 percent occupied when the deal closed.

The three- and six-story property is a short distance north of Lake Washington’s Juanita Bay, 2 miles from Interstate 405 and 14 miles northeast of downtown Seattle. The community is one block from another multifamily asset that changed hands last year in a $101.5 million deal.