Jones Lang LaSalle’s Capital Markets experts recently announced the sale of Slater 116, a mixed-use property in suburban Seattle, that features 108 apartments and more than 10,000 square feet of ground-floor retail space. Essex Property Trust bought the recently completed property, which is located in Kirkland, from MainStreet Property Group for $29.6 million.
“When you combine the thriving job market of the surrounding area, the great demographics and the low apartment vacancy rates of Kirkland, it’s easy to see why this was such a desirable property in the marketplace,” Young said. “Gen Y workers in the area are fueling demand for newly constructed multifamily units that offer best-in-class amenities at premium rents. All of the dynamics truly are in place for Slater 116 to thrive and deliver very strong returns to the buyer for years to come.”
Slater 116 is in a prime location that provides residents with quick access to some of the most popular areas in metro Seattle’s Eastside, including Downtown Kirkland, Downtown Bellevue, Redmond and the Woodinville wine country. The property is near the campuses of many of the Seattle area’s major employers — such as Boeing, Microsoft, Google and Evergreen Hospital — and is located in a strong submarket. Kirkland’s estimated average household income is $101,164, and its apartment vacancy rate is just 4.2 percent.
The property features a variety of one-bedroom floorplans, with an average apartment size of 754 square feet. Amenities include a fitness center, a media/clubhouse room, a garden terrace with a barbecue area, an on-site management office, heated resident storage, bicycle storage, pet grooming room and a 2,000-square-foot off-leash dog park. The property has been endorsed by the city of Kirkland and the Quality Growth Alliance, and was a finalist for the Golden Nugget Award for Merit Winners for 2012.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.