Home Finance 52-Unit Luna Sol Apartments in Kirkland, WA, Sells for $16.2MM

52-Unit Luna Sol Apartments in Kirkland, WA, Sells for $16.2MM

By Jack Stubbs

There have been a number of apartment sales in Kirkland, Washington, over the last few months, and another property recently changed hands. On Wednesday, October 31st, the Luna Sol Apartments traded for $16.2 million, or approximately $311,538 per unit, King County records show. The buyer was The Slater Investors LLC, an entity based in El Segundo, California, and the seller was Martha’s Landing LLC based in Kirkland. The transaction was recorded on November 1st.

The four-story Luna Sol Apartments, located at 11415 Slater Ave. NE, contains 52 units and was built in 2009, according to the property listing on apartments.com. The property features on-site maintenance, controlled access, a fitness center and outdoor courtyard. The one-bedroom units at the property average 867 square feet and rent for between $1,725 and $2,050.

The asset is approximately three miles from downtown Kirkland and five miles south of Bothell via Interstate-405. The property is also roughly two miles from Juanita Beach Park on the edge of Lake Washington and less than one mile from Totem Lake, which is the site of where a new mixed-use development is planned.

In mid-December 2017, San Diego-based Fairfield Residential purchased the upper mall portion, or Phase II of the under-construction Village at Totem Lake Project in Kirkland, for $42.7 million. The project—scheduled to open in late 2019 or early 2020—is a mixed-use development located at 12560-12632 120th Ave. NE, that will eventually include 44,000 square feet of retail and restaurant space, a 35,000 square foot luxury movie theater and 650 luxury apartments.

In addition to the more recent sale of the Luna Sol Apartment property, there have been a number of large-scale transactions in Kirkland since early August 2018. On August 1st, Vancouver, Canada-based Low Tide Properties spent $89.5 million, or approximately $608,843 per unit, to acquire the five-story, 147-Unit Voda Apartments located at 207 Park Lane in Downtown Kirkland from Bellevue-based Continental Properties.

And on September 27th, Security Properties and Rockwood Capital spent a combined $85.5 million for the 131-unit Avalon Kirkland and the adjacent 29-unit Aqua View apartments, purchasing the two properties from Avalon Bay Communities.