By Jack Stubbs
As 2019 comes to a close, and with multiple multifamily properties having changed hands over the last few weeks, companies remain intent on making their mark in the Puget Sound region.
On December 23rd, Melo Park, CA-based company Katerra Construction spent $26.8 million to acquire a roughly four-acre parcel in Kirkland, the site of an in-the-works project called Kirkland Apartments, according to public documents. The seller of the property was Scottsdale, AZ-based The Wolff Company, a real estate investment firm.
The transaction was for a parcel located at the corner of NE 118th St. and 118th Ave. NE in the North Juanita neighborhood of Kirkland which totals just under four acres, according to public documents. The parcel is zoned for multifamily, and the buying entity is referred to as Kirkland 1 Project LLC.
According to the description on Katerra’s web site, the Kirkland Apartments is a 12-acre site which will ultimately include 400 one- and two-bedroom units. “Residents will enjoy the ease of city living while being immersed in the woods. Adequate on-site parking is also included in the development,” the web site states.
Katerra is coordinating the team of Runberg Architecture Group and LRS Architects to ensure both the Market Rate and Senior Living buildings are designed to complement each other as one cohesive “campus” that enhances the “Urban Living in Nature” theme.
Some of Katerra’s other developments in the Pacific Northwest include the Catalyst Building, a 150,000 square foot development slated in Spokane, and ‘The M,’ a 24-story apartment building in Seattle’s University District—one of the first high-rise towers to be developed in nearly 40 years in the neighborhood–which is expected to be complete sometime in 2020.
The Eastside city of Kirkland has seen numerous multifamily assets trade over the last several quarters, with Katerra’s most recent purchase coming a few weeks after another property changed hands. In late November, RISE Properties Trust (“RISE”) a Canadian real estate trust, spent $101.5 million to acquire the 211-unit Salix Juanita Village Apartments, according to a statement released by RISE.
The property is part of the Juanita Village master-planned community, with its with dozens of shops and restaurants, and quick access to the beach and parks. The property provides access to downtown Kirkland and is within the preferred Lake Washington School District with highly rated elementary, middle and high schools.