Seattle Community Trades for $136M
JLL facilitated the sale of the three-building property.
JLL Capital Markets has facilitated the $136.1 million sale of the Beaumont Apartments, a 344-unit community in Seattle’s Eastside submarket of Woodinville, Wash. The community is a three-building mid-rise property built in 2009.
MG Properties sold the community to Essex Property Trust, Yardi Matrix data shows. At the time of the sale it was 96 percent occupied.
Units average 856 square feet and include stainless steel appliances, keyless entry, mosaic tile kitchen backsplashes, under-mount sinks, private balconies and soaker-style bathtubs. The community offers a fitness center, pool, terrace with barbecues and fire pit, fenced dog park and coworking lounge.
Beaumont Apartments, located at 14001 NE 183rd St., offers easy access to Interstate 405 and SR-522. Situated on approximately 14 acres, the community is some 22 miles northeast of downtown Seattle. Woodinville Wine Country is a nearby popular destination.
JLL Capital Market’s Investment and Sales Advisory team, which represented the seller, was led by Senior Managing Directors David Young and Corey Marx and Senior Director Chris Ross.
Seattle on the rise
Doug Ressler, business manager at Yardi Matrix, told Multi-Housing News that Woodinville and nearby Totem Lake are high-demand areas that are seeing rental housing flourish due to their growing population and job market.
“The real estate market in these areas tends to appreciate over time, providing good potential for long-term investment returns,” he said. “The cost of acquiring multifamily properties in these desirable areas can be high, requiring significant upfront capital. The popularity of these areas means there is strong competition among property owners, which can impact rental rates and occupancy.”
The multifamily market surrounding Seattle is highly appealing to both renters and multifamily investors, according to Kevin Crook, director of acquisitions and dispositions, Investors Management Group.
“Just outside the city in any direction, submarkets offer a compelling combination of lower rents and prime locations with easy commutes into the city, making them an attractive option for cost-conscious professionals,” Crook tells MHN.
Currently, IMG has a multifamily property on the market 20 minutes south of Seattle, where affordable rents and proximity to downtown enhance its appeal to buyers, Crook said.
In October, a community in the Seattle suburb of Bothell, Wash., sold for $93.1 million. The 280-unit property, which consists of 20 buildings on approximately 29 acres, was acquired by Acacia Capital. It features a 24-hour fitness center, clubhouse with kitchen and lounge, pool and an outdoor terrace with fire pits and grilling areas.
