By Meghan Hall
Luxury apartment developer and manager UDR has disposed of a Kirkland apartment asset in an indication that investors are still eager to break into the Puget Sound market. In a transaction that closed on May 1st but was just recently recorded, UDR sold the Waterscape Juanita Village Apartment complex for $92.734 million, or about $470,700 per unit. The buyer, according to property documents, is UHV Kirkland I LLC, an entity associated with Stream Realty Inc.
The apartment complex is located at 11801 97th Lane NE. According to popular multifamily search website Apartments.com, the development was completed in 2013 and includes 197 furnished units. Units include quartz counter tops, washer and dryers, water views and balconies. A conference room with Wi-Fi, fitness center, grilling area, on-site retail, and club house are also some of the amenities available to residents. The community is also pet-friendly.
The surrounding neighborhood is also walkable, with the Juanita Beach Park, local tennis courts and numerous eateries, from Mongolian Grill Kirkland to Royal India within walking distance. A Walgreens and the Columbia Athletic Club are also located nearby.
According to Stream Realty’s website, the firm owns no properties in Washington State, making the acquisition of the Waterscape Juanita Village its first foray in the Puget Sound region. While 2020 poses some uncertainty, the market has been pulling on strong fundamentals created over the past several years. According to a recent report released by the Dylan Simon Group, the Puget Sound region saw 353 multifamily sales in 2019 that totaled $7.47 billion in volume. The average price per unit was about $266,376. To date, King County—where the Waterscape Juanita Village complex is located—has 235,052 apartments and a population of 2.236 million.