By Meghan Hall
The bedroom community of Lake Forest is just north of Seattle and right on the water, and because of its low-density, has seen fewer property transactions than its Eastside neighbors across the lake. However, investors are still interested in the area, as seen with the most recent trade of the town’s Sheridan Beach Apartments complex. According to King County public documents, Truckee, Calif.-based OpenPath Investments purchased the development for $14.4 million from local investor Plus One Capital. The six story, 53-unit complex sold for approximately $271,698 per unit.
Located at 15530 Bothell Way NE in the Lake Forest Park neighborhood, the complex was originally constructed in 1965 and renovated in January of 2008, according to popular multifamily search engine Apartments.com. The development includes features such as covered parking, common lounge, roof terrace with grills and balconies. Unit interiors come equipped with granite countertops and stainless-steel appliances.
Just off of State Route 522, the Sheridan Beach Apartments are also blocks from the water. The surrounding neighborhoods are almost entirely residential.
OpenPath investments, the property’s buyer, markets itself as a social impact real estate company that focuses on multifamily real estate. The firm has acquired and sold properties throughout the United States, including Washington, Oregon, California, Texas, Utah and Colorado. To date, the firm owns two other properties in the Seattle metro area: Pointe East in Fife, a 124-unit community with features such as a fitness center and on-call maintenance, and The Magnolian and The Crest, in Seattle. The latter property, acquired by the firm in June 2018, was built in 1968 and has 57 units.
One of OpenPath’s main initiatives is the Urban Village program, which places community ambassadors and program directors in each community, as well as creates resident-led classes (such as cooking, foreign languages, arts & crafts) to foster community. The firm estimates that over the next five years, at its current rate of asset acquisition, its Urban Village program will have created $3 million in social capital and household income and removed 360 tons of waste from landfills through its programs. OpenPath also estimates that each resident will have about 24 opportunities each year to participate in the communities’ educational, social and leadership events.