By Meghan Hall
A limited liability company affiliated with Seattle-based American Property Management has had a busy week. After selling a Tacoma Apartment complex to New York Life Investments for $45.5 million, American Property Management has acquired a Kirkland office asset. Public records show that the deal closed on November 15th, but just recently recorded. American Property Management paid $30 million for the Totem Commercial Center.
The asset is located at 12700 and 12704 NE 124th Street. Records show that the seller is Hal Woosley Properties Inc., based in Bellevue. King County Assessor’s data shows that the property is used for industrial purposes. In all, the property is developed with a building first constructed in 1968 and which totals 39,400 square feet. The building sits on just under 2.75 acres of land.
The asset sits at the heart of the Totem Lake neighborhood, just off of Interstate 405 and within close distance to a shopping center anchored by a Whole Foods Market, Evergreen Health Medical Center of Kirkland, and Lake Washington Institute of Technology.
The deal occurred just as American Property Management sold the The Meadows Near Summit apartments. In a deal that closed just before Christmas, an entity affiliated with New York Life Investments paid American Property Management $45.5 million, or about $227,500 per unit for the asset.
American Property Management has a number of multifamily properties as a part of its Washington portfolio. Its assets include the Woodland Apartments in Olympia, LARC at Kent, the River Trail Apartments in Puyallup, and the Dakota Apartments in Lacey.