Turnberry is garden-style development with one-, two- and three-bedroom units ranging from 720 sf to 1,098 sf. Apartments include full-size washers and dryers, dishwashers and fireplaces. Amenities include a pool, spa, racquetball and basketball courts, playgrounds, and a barbeque area. Asking rents range from $0.79 to $0.94 per sf.
Mosaic's Dave Kirzinger tells GlobeSt.com he is still analyzing the property and has not determined whether the property will lend itself to a rental repositioning or a conversion. Mosaic also owns the Totem Creek Apartments in Kirkland and Fountain Court in Lynwood, both of which are in the process of being sold off as condominiums.
David Young of the Seattle office of Hendricks & Partners had the disposition assignment. The seller, an affiliate of Waterton Associates LLC of Chicago, IL, acquired the asset in 2002 for $13.3 million. The purchase marked Waterton's entry into the Puget Sound market. As part of the same deal, Waterton also acquired the 260-unit Mission Ridge Apartments in Renton for about $15.6 million.
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