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.
For comments, questions or concerns, please contact Dennis Kaiser