JLL Capital Markets announced that it has closed the $26.25 million sale of a 139,223-square-foot land parcel in Kirkland, Washington. JLL represented the buyer, Mill Creek Residential, in completing the off-market sale from the seller, Totem Bowl and Investments, Inc.
The property is currently improved with the TechCity Bowl building that will be demolished to develop a fully approved, 369-unit, mid-rise multifamily community. Of the 369 units, 36 will be affordable. In addition to the multifamily units, the property will offer 6,700 square feet of retail space and 425 parking stalls.
The immediate area is mainly comprised of residential communities and the site is immediately adjacent to a retail center offering in-line retail and four pad sites. Additionally, the development site has easy access to nearby freeways, including Interstate 405 just one mile west.
The JLL Capital Markets Investment Sales and Advisory team representing the buyer was led by Senior Director Jordan Louie and included Senior Managing Directors Corey Marx and David Young, Senior Director Chris Ross and Directors Michael Lyford and Reed Curtis.
“The sale of the TechCity Bowl site is further evidence of the improved developer sentiment in the Greater Seattle market, specifically the Eastside,” said Louie.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York and Boston. As of June 30, 2018, the company’s portfolio comprises 74 communities representing over 20,250 apartment homes that are operating and/or under construction.
