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.

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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.

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“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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“Martha Lake already benefits from its commuter-friendlylocation, offering convenient access to major employment centersthroughout the North Puget Sound region,” added Kuzma. “By makingimprovements to individual residences, common areas and amenityspaces, we see tremendous upside potential as we improve theoverall living experience for residents.”

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Apartments at Martha Lake range in size from 600 to1,109 square feet and feature fully equipped kitchens,spacious closets and an in-unit washer and dryer. Select residencesalso include a wood-burning fireplace, private patio/balcony andvaulted ceilings.

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“Martha Lake is a great value for residents who want to be closeto it all,” said Kuzma. “The community's proximity to Interstates 5and 405 is especially ideal for working professionals who caneasily commute to the various employers in the region, includingMicrosoft, Boeing and Google –all of which have offices less than 30 minutes away.”

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Residents of Martha Lake also have access to a number ofrecreational activities in the North Puget Soundregion, and are a short 10-minute drive fromAlderwood Mall and Mill Creek TownCenter, two of the region's premier shopping and diningdestinations.

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Waterton Associates LLC is a real estate investor and operatorwith a focus on U.S. multifamily and hospitality properties.Founded in 1995 by David Schwartz andPeter Vilim, Waterton is privately held and isheadquartered in Chicago.

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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.