LYNNWOOD, WA—Waterton Associates LLC, a U.S.real estate investor and operator, is pleased to announce itsre-entry into the Seattle market with the acquisition ofMartha Lake Apartments, a 155-unit garden-stylecomplex in north suburban Lynnwood.
Located approximately15 miles north ofdowntown Seattle, Martha Lake Apartments offers a mix of one-, two-and three-bedroom residences and a variety of on-site amenities,including an outdoor swimming pool, spa and racquetball court, aswell as a resident-only fitness center and lounge. It is thesixth property acquired by Waterton in 2014and the firstcommunity Waterton has owned in the Seattle area since2004.
“Seattle has been and will continue to be a target market forWaterton because of its strong demand drivers and high barriers toentry,” said Peter Kuzma, assistant vicepresident, acquisitions, at Waterton Associates. “Development hasbeen concentrated in the urban core, which has created anopportunity to implement value-add programs in older, well-locatedsuburban communities like Martha Lake where we're able to achievestrong rent premiums.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
