Waterton Re-Enters Seattle Market with Martha Lake Apartments Purchase
- Dec 26, 2014
By Jeffrey Steele, Contributing Writer
Chicago — Real estate investor and operator Waterton Associates LLC has long been absent from the Seattle area, having exited the market about 10 years ago.
The long absence has now ended with Waterton Associates’ purchase of Martha Lake Apartments in the northern Seattle suburb of Lynnwood, Wash. The 155-unit garden-style apartment community is situated approximately 15 miles from downtown Seattle, offering a blend of one-, two and three-bedroom residences.
The apartments at Martha Lake extend from 600 to 1,109 square feet, offering fully-equipped kitchens, generously-sized closets and in-unit washers and dryers. Wood-burning fireplaces, private patios or balconies and vaulted ceilings are features of select residences.
“Seattle has been and will continue to be a target market for Waterton because of its strong demand drivers and high barriers to entry,“ says Peter Kuzma, assistant vice president, acquisitions, at Waterton Associates. “Development has been concentrated in the urban core, which has created an opportunity to implement value-add programs in older, well-located suburban communities like Martha Lake where we’re able to achieve strong rent premiums.”
Martha Lake Apartments features common-area amenities that include an outdoor swimming pool, resident-only fitness center and lounge, spa and racquetball court. The property is the first Waterton has owned in the Seattle area since 2004, but the sixth property overall acquired by Waterton in 2014.
“Martha Lake already benefits from its commuter-friendly location, offering convenient access to major employment centers throughout the North Puget Sound region,” Kuzma says. “By making improvements to individual residences, common areas and amenity spaces, we see tremendous upside potential as we improve the overall living experience for residents.”
He adds the Martha Lake Apartments property provides terrific value for residents who make it a priority to be close to everything.
“The community’s proximity to Interstates 5 and 405 is especially ideal for working professionals who can easily commute to the various employers in the region, including Microsoft, Boeing and Google, all of which have offices less than 30 minutes away.”
Two of the region’s best-patronized shopping and dining venues, Adlerwood Mall and Mill Creek Town Center, are a scant 10-minute drive from Martha Lake. Residents also have the opportunity to enjoy numerous recreational activities nearby in the North Puget Sound region.