Creekside Village Sheds for $62M

(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).

MOUNTLAKE TERRACE, WA-Holland Residential closes on its purchase of Creekside Village for $62 million. The 512-unit property is located just 15 minutes north of downtown Seattle in South Snohomish County.

According to Jones Lang LaSalle, which marketed the property, as GlobeSt.com previously reported, the sale is one of the largest in Puget Sound so far in 2011. Leading the JLL team on the transaction was managing director David Young.

“We had no shortage of investors interested in Creekside Village,” Young says.  “The Seattle area has seen tremendous growth over the past few years and the rents are rising in correlation with that growth.”

According to Young, Holland Residential plans to do a full renovation and repositioning of the property going forward, “making Creekside Village one of the standouts in its Pacific Northwest portfolio.” Creekside Village has 512 apartment units within 24 residential apartment buildings, as well as one residential/leasing building. The property sits on approximately 43 acres at 4208 236^th Street SW, two miles from Interstate 5, where a large commuter station is located, according to JLL. 

Floor plans include one, two and three bedrooms. The property also offers numerous amenities including a fitness center and two outdoor swimming pools.

Jones Lang LaSalle has worked aggressively to bolster the firm’s national multifamily practice during the past two years, investing in more than 60 new hires in this sector alone. The team has more than $4.6 billion in total deal activity in the market, with nearly $1.5 billion closed already in 2011. 

Although JLL could not comment on the seller’s identity at this time, in terms of reasons for selling, an unidentified source tells GlobeSt.com that the seller is Equity Residential.

Young previously told GlobeSt.com that “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 three 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.”