Home Finance Prometheus Real Estate Group Sells 125-Unit Kirkland Apartment Complex for $63.5MM

Prometheus Real Estate Group Sells 125-Unit Kirkland Apartment Complex for $63.5MM

Prometheus Real Estate Group, Kirkland, Puget Sound, King County, Waterton, Marina Park, Carillon Point, Big Finn Hill Park, Kirkland Library, Kirkland Transit Center, Chicago, Silicon Valley, Portland, Seattle, San Mateo, Bay Area, Cliffside Apartments, Gig Harbor, The Lakes Apartments, Bellevue
Courtesy of Waterton

By Kate Snyder

A recent multifamily sale in Kirkland shows that the city still holds interest for investors. The 128 on State Apartments in Kirkland’s Moss Bay neighborhood traded hands for $63.5 million, or approximately $508,000 per unit, according to King County public records. The seller was an entity affiliated with Prometheus Real Estate Group, and the buyer was an entity that shares an address with Waterton. 

“Waterton is excited to re-plant its flag in the Seattle metro area,” said Kevin Ibasco, vice president of acquisitions at Waterton. “128 on State will be a great addition to our portfolio. The property is in a core location on the Eastside, walkable to all of the lifestyle amenities in downtown Kirkland and proximate to the metro’s largest employment centers. The Eastside benefits from favorable apartment fundamentals and we hope to grow our presence in the region in the near future.”

The property is located at 128 State St. and consists of a five-story building with 125 units in a mix of studios, one- and two-bedroom apartments, according to Apartments.com. The complex was built in 2007. Apartment amenities include stainless steel appliances, walk-in closets, balconies, patios and decks. Community features include an elevator, business center, storage space, a fitness center and a courtyard.

“Market dynamics in the area remain favorable with a muted supply pipeline, strong wages, a diverse employment base and an increasing household formation forecast,” continued Ibasco. “128 on State, with its strategic location, will continue to benefit from the highly educated and affluent demographic in and around Kirkland.”

The Moss Bay neighborhood is located along the eastern edge of Lake Washington. Nearby attractions include the Marina Park, Carillon Point and Big Finn Hill Park, which is a 220-acre park that includes multi-use trails, sporting areas and a playground. The apartment complex is also near the Kirkland Library and the Kirkland Transit Center.

Waterton is a real estate investment and property management company with a focus on multifamily, senior living and hospitality properties throughout the United States, according to the firm’s website. The company was founded in 1995 and is headquartered in Chicago with regional offices across the country. At the end of 2022, Waterton’s portfolio included approximately $9.7 billion in real estate assets.

Founded in 1965, Prometheus is, according to the company’s website, the largest privately held owner of apartments in the Bay Area, with a portfolio of more than 13,000 apartments in the Silicon Valley, Portland and Seattle regions and another 2,600 apartments in the company’s development pipeline. The firm is headquartered in San Mateo and has satellite offices in Portland and the Bay Area. The firm owns other multifamily complexes in the Seattle area, including the Cliffside Apartments in Gig Harbor and The Lakes Apartments in Bellevue.