CHICAGO — Waterton Associates LLC, a U.S. real estate investor and operator, today announced it has acquired Taluswood Apartments in Mountlake Terrace, Washington. Located in a wooded neighborhood approximately 15 miles north of downtown Seattle, the garden-style rental community consists of 512 apartments across 24 buildings, with a mix of one-, two- and three-bedroom floor plans.
Taluswood is one of two communities in the Seattle area owned and managed by Waterton. In December 2014, the Chicago-based investor re-entered the market with the acquisition of Martha Lake Apartments, a 155-unit community in north suburban Lynnwood – about seven miles northeast of Taluswood.
“Seattle’s job growth, fueled by the city’s burgeoning tech sector, is generating unprecedented demand for rental housing, with thousands of units under construction in King and Snohomish counties,” said Peter Kuzma, vice president of acquisitions at Waterton Associates. “Yet despite the supply that’s been added, the vacancy rate has continued to fall, allowing many landlords to push rents and obtain attractive yields.”
Waterton plans to upgrade select residences at Mountlake Terrace to include new flooring and modernized kitchens and baths. Waterton also plans to make improvements to the community’s amenity spaces, which include a clubhouse, fitness center, basketball and tennis courts, two outdoor pools and an indoor spa with sauna.
“As rents continue to climb in neighborhoods like South Lake Union, renters are seeking value in alternative locations,” said Kuzma. “Mountlake Terrace is a natural landing spot, with access to jobs, retail and transportation.”
Located near Interstates 5 and 405, Taluswood is a short drive from major regional employers like Google, Microsoft and Boeing, as well as nearby shopping and dining destinations, including Alderwood Mall and Mill Creek Town Center.
Earlier this year, Sound Transit approved plans to extend light rail service from Seattle to Lynnwood. Slated to begin in 2018, the project will include a new stop in Mountlake Terrace – just one mile west of Taluswood – that will offer direct rail service to downtown Seattle and other popular destinations, including the University of Washington and Seattle-Tacoma International Airport.
Taluswood is the sixth property acquired by Waterton in 2015, adding to its portfolio of nearly 18,000 rental units across the country. For more information on the community, call (855) 450-2838 or visit www.taluswoodapartments.com.
Waterton Associates LLC is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995 by David Schwartz and Peter Vilim, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton manages its investments through wholly owned property management subsidiaries Waterton Residential and Ultima Hospitality.
Waterton has a proven expertise in selecting and managing attractive risk-adjusted real estate investments located in major markets around the United States. Since its formation, the company has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with seven regional offices throughout the United States. Currently, Waterton’s portfolio includes over $3.8 billion in assets, including 18,000 multifamily units and 13 hotels. For more information, please visit www.watertonassociates.com.