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The property is part of the Juanita Village master-planned community, with its dozens of shops and restaurants, and also access to downtown Kirkland, the beach and parks.
The curtain wall is a part of a spiraling design with large bay windows that twist up the building's 400-foot facade and bay windows that create unique spaces in every residence, says architect Jeanne Gang.
The Quarry Station Apartments' $49.35 million sale price generated an internal rate of return of 20.31%, surpassing the original return target of 16% to 19% and in less than the originally projected two-year period.
Stream will continue to follow its industrial investment recipe in an expanded territory, i.e., taking what has been successful in DFW and expanding/duplicating those efforts into Greater Los Angeles.
The transaction was executed at an approximate 7.86% initial capitalization rate with rents of $34.2 million and a weighted average remaining lease term of 8.7 years.