Seattle & Northwest + Washington + Apartments | December 12, 2016

Short-Term Hold Ends on 304-Unit Waters Edge

Admiral Capital Group and Securities Properties ended its close to three-year hold on the 304-unit Waters Edge Apartments in Kent, WA with a $56.5 million sale. The New York seller struck a deal with buyer, Jackson Square Properties, to sell the Class B multifamily asset. Philip Assouad and Giovanni Napoli with Kidder Mathews brokered the transaction.

The joint venture acquired the asset with funds from Admiral Capital Real Estate Fund LP in February 2015 for $40 million. During the hold period, the partners upgraded the exterior, as well as the unit interiors.

Waters Edge opened in 1982, and is situated on close to 18 acres at 6305 S. 238th Place.

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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