SEATTLE, WA – On December 12, 2022, Private real estate investment firm Pilot Ventures has expanded their Puget Sound portfolio, acquiring Westview Garden Apartments in Woodinville, WA. The 43-unit apartment complex was built in 1987 and is located just steps from downtown Woodinville, one of the most robust submarkets in the post Covid era. The property sold for $13.75 million, and it is the first time the property has traded hands in over 20 years.
Pilot Ventures is among the crowd of investors that are buying multifamily buildings in the high growth suburban submarkets northeast of Seattle. The suburbs are experiencing strong rent growth and population growth, but continue to have a lack of housing supply, and Woodinville is no exception. Jake Niles, Director of Acquisitions at Pilot Ventures notes, “Westview Gardens is ideally located to benefit from the considerable boom happening in Woodinville.”
The Downtown District has begun its transformation into a thriving hub for the city of Woodinville. Niles also states that the recently completed Schoolhouse District revitalization has breathed new life into this pocket of Woodinville and the newly announced Gardens District (current Molbak’s site) backed by Bill Gates, will surely add to the area’s allure. Along with the major developments happening at the doorstep of Westview Gardens, Harvest is a $600 million community-shaping project that began construction this year, located in the Hollywood District, where many wine tasting rooms operate. This will include The Somm, a four-star 165 room boutique hotel and spa, both rentals and for sale housing, a town square, and commercial space totaling over 277,000 square feet. Coupled with the robust growth happening in Woodinville and the lack of housing supply, Pilot Ventures is bullish on Woodinville and the east side.
Jason Kono, Principal of Pilot Ventures said “Our investors were attracted to Westview Gardens due to its suburban location near large employers and the potential to add value to the property through renovation.” Westview Gardens is about 15 minutes from Microsoft’s headquarters in Redmond and Google’s Kirkland campus, and only 20 minutes from the considerable tech hub growing in downtown Bellevue, WA.
Chris Hardman and Evan McLeod of CPX sourced the property off market and represented the seller in the $13.75 million transaction. Pilot Ventures is a Seattle based investment firm catering to individuals who have a desire to passively invest in real estate syndications. Pilot’s vision is to make real estate investing simple and attainable by providing opportunities to invest alongside seasoned industry veterans.
