By Meghan Hall
Less than a year after acquiring a shovel-ready senior community development in Kirkland, Menlo Park, Calif.-based Katerra Construction has sold the project off to another California investor. According to public property documents, Los Angeles-based Artemis Real Estate Partners paid $56.701 million to acquire Revel Kirkland, a 150-unit community completed in 2019.
Katerra originally acquired the site, located at 11729 NE 118th Street, from The Wolff Company in December of 2019 for $26.8 million. The Wolff Company, based in Scottdale, Ariz., first broke into the market with its development of Revel Lacey. That development, which totals 135-units was completed in 2018. Since then, The Wolff Company and Revel brand have sought to expand across the Puget Sound. Revel Kirkland is expected to open in 2021, and will be the third community, behind Revel Issaquah, to open in the Puget Sound.
“There wasn’t a lot of great independent living development going on,” explained Revel’s Senior Vice President of Operations Ginni Ryan in a recent interview with The Registry. “When The Wolff Company saw the need…they [jumped] in with three communities off the bat. We’re excited to work in that market.”
Revel Kirkland is currently under construction, according to Katerra’s website. The five-story building has been designed by Runberg Architecture Group and LRS Architects, and will tie in with another adjacent project known as “Kirkland Apartments.” Kirkland Apartments will include 400 one- and two-bedroom units, spread across a 12-acre site.
Developments like Revel Kirkland and Revel Lacey are designed to offer hospitality-based amenities for seniors looking for a unique independent living community. Offerings include a concierge, housekeeping, travel clubs and fitness center. Community classes and virtual events are also offered.
Artemis Real Estate, the project’s newest owner, invests across all asset classes, including multifamily, hospitality, office and industrial. The firm targets core, core-plus and value-add opportunities, according to its website, and makes strategic use of joint venture operating partners. Artemis Fund III, which targets value-add opportunities, saw a $1.01 billion final close in 2019.