(Editor’s Note: According to King County property records, the sale price was $53.2 million, or approximately $286,021 per unit. The seller was an entity that shares an address with New York Life Investments.)
(April 25, 2024 – Chicago, IL) – Waterton, a national real estate investor and operator, today announced it will expand its presence in the Seattle market with the acquisition of a 186-unit, garden-style apartment community in Renton, WA. 2000 Lake Washington is situated on nine acres of lakefront land and presents ample opportunity for the firm to execute a value-add renovation. Convenient connectivity to major Puget Sound employment nodes offers an attractive rental option as job growth in the area continues on a steady trajectory.
“We’re excited to add 2000 Lake Washington to our portfolio and further grow our footprint on the east side of Seattle,” said Kevin Ibasco, senior vice president of acquisitions at Waterton. “The property has convenient access to major employment nodes not only in Renton, but also Bellevue, Redmond, and Kent Valley. In its immediate neighborhood, residents can enjoy unobstructed access and views of Lake Washington, a rare feature that only a few multifamily properties in the MSA share.”
Comprising 18 garden-style apartment buildings with one- and two-bedroom floorplans boasting private balconies, 2000 Lake Washington is located on the east side of Seattle. Built in 1986, and updated in 2016, the community is well-suited for a light value-add renovation program across residences and common areas. Waterton will update kitchens and living spaces in the residences and make improvements to the existing clubhouse with plans to enhance the fitness center, while upgrading the fixtures and furnishings in the lounge, workspace and pool areas.
2000 Lake Washington is across the street from Gene Coulon Memorial Park and minutes from the lifestyle and retail amenities in The Landing and downtown Renton. Seattle Tacoma Airport is just 15 minutes away and the dining, entertainment, and cultural attractions of downtown Seattle are just a 20-minute drive from the community.
“The east side of Seattle continues to demonstrate strong apartment fundamentals,” continued Ibasco. “We believe 2000 Lake Washington is well-positioned to benefit from a muted supply pipeline as well as continued demand from a highly educated and affluent population base.”
Waterton acquired The Lakes in Bellevue and 128 on State in Kirkland in 2023 with value-add renovation programs underway at both assets.
About Waterton:
Waterton is a real estate investment and property management company with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value add strategies and manages a national portfolio of properties on behalf of institutional investors, family offices and financial institutions. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of December 31, 2023, Waterton’s portfolio includes approximately $10.2 billion in real estate assets.
