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UDR Divests Kirkland MF for $93M

Seattle-based Stream Real Estate affiliate UHV Kirkland I LLC acquired Waterscape at Juanita Village, a 196-unit multifamily community in Kirkland, from Colorado-based UDR for $92.9 million. UDR reported in its Q1 2020 financials the deal works out to roughly $474,000 per home.

The six-year-old community at 11801 97th Lane N.E. was 97%-occupied at the time of sale. The property has 6,500 square feet of ground-floor retail space, and was the final phase of the 11.4-acre Juanita Bay mixed-use apartment and retail development. The podium-style apartment project sits on a 2.3-acre site, in two buildings with three to six stories that cascade to provide unobstructed views of Juanita Bay.

The property has studios, one and two-bedroom floor plans with modern kitchens, stainless steel appliances, expansive windows, and in-home washers and dryers. On-site amenities include a fitness center with yoga and aerobics studio, and an urban courtyard and a rooftop deck lounge where residents can take in views of Lake Washington.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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