We are very pleased to announce that Fund III has closed escrow on our fourth acquisition; this one a 288-unit community in Kirkland, WA. The Class B apartment community was built in 1984 and consists of two-story garden style within 19 buildings spread over 23+ acres for a low 12.5 du/acre density.
Woodlake is situated in the preferred North Juanita neighborhood of Kirkland, with convenient access to I-405 and the Kingsgate Park & Ride. Within 15 minutes of the property is Bellevue, a major employment center with companies such as Google, Microsoft and Amazon expanding there. The east side of the lake is showing twice the job growth with half the housing of downtown Seattle. We believe Woodlake is well positioned to take advantage of this upscale demand. Juanita Beach Park neighbors the area and affords waterfront access and recreation. The property is located within the Lake Washington School District which serves the region to the east of Lake Washington, one of the wealthiest in the Puget Sound area.
Community amenities include a community club space with lounge area and kitchen, fitness facility, heated pool, tennis court, basketball court, and playground. Woodlake offers a mix of one- and two-bedroom floorplans, each with spacious layouts, in-unit washer/dryers, large kitchens, large balconies with personal storage, and wood burning fireplaces in all units. Interiors will be upgraded, as well as tree trimming, wood repair, exterior paint and re-roofing to improve the immediate curb appeal. Additionally, upgrades are planned for the clubhouse/leasing office; fitness facility, sport courts and pool area.
On the deal side our newest addition to the Fund team, Tanya Lee (Acquisitions Manager), did super work balancing a lot of complex data, people and processing issues. I would also like to thank Sammy Ho (VP/Finance), Allen Chamasmani (Fund Controller), and Ken Coatsworth (Sr. VP, Finance) for their efforts.
Additionally, Bobby Vargas (Project Manager) and his guys did great work. Also important is Sarah Hart’s (Regional Manager) effort to put a team in place for takeover on day one. We are excited to welcome Irma Robles (Community Manager), Joanny Gonzalez Perez (Asst. Community Manager), Karla Barrera (Leasing Consultant), and Erick Pena (Maintenance Supervisor) to our Fund world and team. Finally, is the whole Sares Regis team, many who touch our business and deals and all contribute to our success. Thank you for all you do.
William B. Montgomery
Chief Investment Officer