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.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
