KIRKLAND, WA-GlobeSt.com has exclusively learned that a 200-unit apartment community here has changed hands for $132,500 per unit or $26.5 million. The buyer was Pacific Urban Residential Inc. of Seattle.
The seller of Totem Lake was locally-based SP Totem Lake LLC otherwise known as Security Properties. The transaction was negotiated by Kenny Dudunakis and Marty Leith of the Seattle office of Hendricks & Partners.
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David Dufenhorst, chief investment officer at Security Properties, tells GlobeSt.com that “the sale of the older garden style Totem Lake Apartments in Kirkland allows Security Properties to redeploy their capital into newer more high density areas.”
The garden-style community at 11733 NE 131st Pl. consists of 13 buildings is situated on 11 acres of land and offers studio and one- and two-bedroom floor plans. Having undergone an extensive renovation in 2007, the community features new countertops, flooring and fixtures, and completely renovated clubhouse, according to Hendricks & Partners.
Seattle-Tacoma apartment vacancy fell to 4.1% in September, 50 basis points below the vacancy rate at year-end 2011. Average asking rent advanced 3.7% over the past four quarters, rising to a new market high of $1,046 per month, says the firm.