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Two Kirkland Apartment Complexes Sell for $40.7 Million

Separate buyers recently bought the Sancerre Apartments in Kingsgate and the Ascent Apartments in Totem Lake.

 

Two apartment complexes in Kirkland sold recently to separate buyers for a total of $40.7 million, reports the Puget Sound Business Journal.

The 140-unit Sancerre complex at 12648 NE 144th Street in the Kingsgate neighborhood was purchased by San Mateo, Calif.-based 1031 Exchange Professionals for $24.9 million.

The Ascent Apartments at 12062 Slater Ave. NE in the Totem Lake area, formerly known at Chateau Crest, went for $15.85 million. The buyer was Essex of Palo Alto, Calif.

Both apartment complexes had been owned by limited partnerships based in San Francisco.

The Journal reports that suburban properties such as the two apartment complexes are gaining attention from investors because fewer units are being built in outlying areas despite often steady job growth. For the Puget Sound Business Journal story, click here.

Call This Exploitation October 20, 2012 at 05:20 AM
So... Sancerre Apartments are 140 units on 5.57 acres = 25 units/acre broken into 10 bldgs Ascent Apartments are 90 units on 3.82 acres = 24 units/acre broken into 8 bldgs What the heck??? Proposed Potala Village is 143 units on 1.2 acres = 118 units per acre!!! 1 bldg !!! You have to be kidding!!! Exploitation, I'd say.

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