Over the past several months, multifamily assets in the Seattle metro area have been picked up by investors left and right. In one recent sale that closed on July 7, Boston-based General Investment & Development (GID) purchased the 409-unit Uplund Apartments in Kirkland. King County records show that the property was sold to the investment company by American Capital Group and Artemis Real Estate Partners for $242 million, or approximately $591,687 per unit. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto with CBRE Capital Markets in Seattle represented the sellers in the transaction.
The Uplund Apartments are located at 11723 NE 117th Court and were just recently developed in 2021. According to the property’s website, the six-story building consists of a mix of studio, one-, two- and three-bedroom apartment options. Apartments.com also shows that the apartment units range in price from $1,889 to $3,666 per month, while ranging in size from 482 square feet to 1,218 square feet.
“Uplund checked all the boxes with best-in-class finishes, a collection of amenities that exceed market standards, and a location near the I-405 with easy access to major employment centers, retail and recreation. The large number of units offered a buyer immediate scale and operational efficiency. In addition, Kirkland’s multifamily construction pipeline is more subdued than what’s slated for Bellevue and Redmond. This positions new construction projects like Uplund for long-term renter demand,” said Hanacek.
A number of luxury amenities are featured at the property, including multiple resident lounges, a 24-hour fitness center, a business center with coworking space, outdoor grilling areas, dog washing stations, bike stations and planned social events for residents, among others amenities.
“Our live-work-play spaces aim to make a difference in your daily life. You’ll love spending time at either of the two terrace courtyards, where the gas bonfire pits, BBQ stations, and TV lounges ensure memorable moments in the company of your neighbors. When it’s time to focus on professional projects, take full advantage of the onsite workspace featuring Wi-Fi,” the property’s website states.
Located in Kirkland’s Totem Lake neighborhood, the property is also near a number of shopping and dining amenities, with The Village at Totem Lake just a short commute away. Many of Kirkland’s top employers are also within close proximity of the property, including the Kirkland Police Department, EvergreenHealth Medical Center-Kirkland and Google’s Kirkland Urban Center. The property is also located just west of Interstate 405, providing immediate access to downtown Seattle.
Kirkland, as well as many other parts of the Seattle metropolitan area, have seen a large number of multifamily deals take place over the past few months. For instance, in a deal that took place earlier this month, Acacia Capital Corporation acquired the 409-unit The Overlook at Lakemont apartment building in Bellevue. The property, which is located at 5305 Lakemont Boulevard, was sold for $204.3 million, or roughly $510,750 per unit.