Waterton Reenters Seattle With $64M Buy

The firm plans to implement a capital improvements plan at the 123-unit property.

128 on State

128 on State. Image courtesy of Waterton

Waterton has reentered the Seattle market with the purchase of 128 on State Apartments, a 123-unit multifamily community in Kirkland, Wash. King County public records show that Prometheus Real Estate Group sold the asset for $63.5 million and the buyer assumed the outstanding balance of a $33.8 million loan originated by JPMorgan Chase Bank in 2020.

Completed in 2007, the garden-style property comprises studio, one- and two-bedroom floorplans ranging from 662 to 1,435 square feet. All apartments feature in-unit washers and dryers, fireplaces, stainless-steel appliances and quartz countertops, with select units including walk-in closets. Community amenities encompass a fitness center, business center and clubhouse.

Waterton intends to implement a capital improvements plan at the pet-friendly property. Upgrades are slated to include adding quartz countertops and tile backsplashes to units, as well as several enhancements to the common areas.

Located at 128 State St. S., the community is 11 miles from downtown Seattle, having numerous retail and dining options nearby. The property is also close to Interstate 405, providing access to large employers throughout the metro such as Google, Microsoft and Amazon, all of which operate within a roughly 7-mile radius.

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