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CBRE Facilitates Sale of Multifamily Property in Edmonds
CBRE arranged the sale of Brackett Apartments, a 386-unit garden-style multifamily community in Edmonds.
CBRE’s Eli Hanacek, Kyle Yamamoto, Mark Washington and Natalie Kasper represented the sellers, Intercontinental Real Estate Corporation and TruAmerica Multifamily.
Waterton acquired the apartment complex at 9501 244th St. SW, which includes 23 three-story residential buildings and two clubhouses across 22 acres. The acquisition brings Waterton’s holdings in the Seattle metro area to 1,331 units.
“Brackett presents a rare opportunity to acquire a multifamily property in the desirable waterfront neighborhood of Edmonds,” said Kevin Ibasco, senior vice president, acquisitions at Waterton. “The asset is well-located in a strong school district, and offers convenient access to major employment hubs, transportation nodes and a variety of lifestyle amenities.”
Brackett Apartments was built in 1987 and has one-, two- and three-bedroom units. “This is a truly irreplaceable asset with significant value-add upside, acquired at a substantial discount to replacement cost,” said Hanacek. “With strong projected rent growth and robust multifamily fundamentals, this investment represents a rare and strategic opportunity in one of the region’s most supply-constrained submarkets.”
Photo credit: Matthew Gallant Photography
