We are very pleased to announce that we have closed escrow on the purchase of Eastlake 2851 apartments in Seattle, Washington. The 133-unit property was built in 2008 and is a 6-story podium building with two levels of subterranean parking and including 4,265 sq. ft. of retail space. The property is located in the prestigious eastern shore of Lake Union, actually on the shoreline with direct access to the lake and views across the lake to downtown and the surrounding foothills. With easy access to downtown and submarkets to the north and south via the adjacent Interstate 5, or a 7-minute bike ride on the frontage road to downtown, the property offers excellent access to the larger portion of tech oriented work force in Seattle.
Efficient and current floor-plans consist of a mix of studio, one and two-bedroom units. Many units have large balconies and expansive views. There are two rooftop decks, and outdoor lounge with firepit, and a fitness center.
The unit design and amenities including in-unit washer and dryers, offer an excellent canvas to upgrade the interiors to a very contemporary, like new construction level to compete just under the pricing of new product in the South Lake Union sub-market of Seattle. Upgrades will include new solid surface countertops; plank vinyl flooring; state of the art stainless appliances, new hardware and lighting. Common areas, fitness, club spaces and interior corridors will all receive a make-over as well.
This is a great addition to our Fund III portfolio and we’re very pleased to continue to expand in some of the best sub-markets in Seattle.
This would have not been possible without the collective team effort of the Sares Regis Fund team, the Property Management team, our debt team and the support of the entire organization. Through diligence and getting the transition set up, accounting, management and IT teams have done a great job. We especially want to thank Regional Manager Sarah Hart for pushing hard to get everything in place. We welcome our new Community Manager, Kelsie Kirkham and Maintenance Supervisor Bobby Dixon to the Sares Regis team. Both are local professionals we were fortunate to find for this great opportunity. We wish them well and look forward to great results under their stewardship.
Congratulations to all and thank you all for your help and support.
William B. Montgomery
Chief Investment Officer