Chicago-based real estate investor and operator Waterton has re-entered the Seattle market with the acquisition of 128 on State, a 128-unit, garden-style apartment community in Kirkland, WA. The company, which purchased the complex from Prometheus Real Estate Group for $63.5 million, will execute a modern finish level, value-add renovation at the property to bring it in line with competing product.

“Waterton is excited to re-plant its flag in the Seattle metro area,” said Waterton VP Kevin Ibasco. “128 on State is in a core location on the Eastside, walkable to all of the lifestyle amenities in downtown Kirkland and proximate to the metro’s largest employment centers. Market dynamics in the area remain favorable with a muted supply pipeline, strong wages, a diverse employment base and an increasing household formation forecast.”

The community offers studio, one- and two-bedroom units with large floor plans. The renovation scope will include quartz countertops, tile backsplashes, refinished cabinetry, new carpeting and updated lighting and plumbing.