JLL Markets $130M in Multifamily Offerings

SEATTLE-Jones Lang LaSalle Inc.’s Northwest multifamily capital markets team has been chosen to market Creekside Village for sale in Mountlake Terrace, WA and Cascade Ridge in Federal Way, WA. Each property is expected to fetch $65 million.

Leading the JLL team on the Creekside Village offering are managing director David Young and Vice Presidents Seth Heikkila and Corey Marx. “Rents in this region are expected to rise by as much as 30% over the next five years,” says Young. “We expect this well appointed apartment community to appeal to a wide variety of investors who are seeking a large, stabilized property with plenty of upside potential.”

Creekside Village is a 512-unit offering within 24 residential apartment buildings, as well as one residential/leasing building. It is located just 15 minutes north of downtown Seattle in South Snohomish County. The property sits on approximately 43 acres at 4208 236^th St. SW. Floor plans include one, two and three bedrooms. The property also offers numerous amenities including a fitness center and two outdoor swimming pools.

Cascade Ridge is an 518-unit offering is one of the largest apartment communities in Puget Sound, located between Seattle and Tacoma. Leading the JLL team on the transaction are Young, Heikkila and Marx.

“An uptick in rental rates and a steady decline in vacancy rates in this region will make this property extremely appealing to a number of investors,” says Young. “Significant upgrades of more than $3 million have also been made to the property in the past few years, making it a true first-class asset.”

Built in 1989/1991 and renovated in 2007/2008, Cascade Ridge consists of 48 two- and three-story apartment buildings. The property is located at 1900 SW Campus Dr. in the West Campus section of Federal Way and is easily accessible to I-5, SR 167 and Highway 99.

Although Young tells GlobeSt.com that he cannot comment on the seller’s identity at this time, in terms of reasons for selling, he says “it’s a good time to capitalize on interest in the market.” Young explains that “multifamily will see strong positive growth patterns in the Puget Sound due to a lack of development of new multifamily, and the very strong economic engines that are in this area including Microsoft, Boeing, Amazon, Starbucks, Costco, and burgeoning biotech and health science industries. Boeing’s recent announcement that the firm had secured the 767 tanker order means 11,000 new jobs will be coming to the Everett area. Each Boeing job creates 2.8 to 3 other jobs in the community. Also Boeing announced 1500 new jobs will soon be added in the Renton region to keep up with demand on the very popular 737.”