JLL Capital Markets group announced the successful $286 million sale of Parkside Apartments, a 664-unit luxury community in Redmond, Washington.
JLL worked on behalf of the seller, a partnership between a Texas-based group of investors previously associated with Lincoln Property Company Residential and Daiwa House Texas, and procured the buyer, Lakevision Capital.
Parkside Apartments, located at 15551 NE Turing Street, is strategically situated within the Esterra Park master-planned community. Just minutes away from the East Link Light Rail Extension in Overlake, SR-520 and I-405, residents can enjoy a convenient connection to Downtown Redmond, Bellevue and Seattle. Nearby, there’s a wealth of shopping, tech employment hubs and nightlife options.
Redmond is a thriving city located in the Seattle MSA’s Eastside, just 20 minutes from Seattle and 10 minutes from Downtown Bellevue. It’s recognized as the “Bicycle Capital of the Northwest” and boasts extensive parks and trails. Redmond is a major technology hub, home to prominent tech firms. The city offers excellent schools, diverse recreational opportunities and a vibrant cultural scene, making it one of the most livable small cities in the U.S.
Developed in 2021, Parkside Apartments spans 4.5 acres and offers an array of upscale amenities, including two rooftop decks with panoramic views, state-of-the-art fitness centers, a pet wash station, an entertaining suite and a game lounge. The four-building community ranges from five- to eight floors and provides studios, one- and two-bedroom options, each featuring modern kitchens with quartz countertops, stainless steel appliances, expansive private balconies, walk-in closets and full-size washers and dryers.
“Parkside Apartments exemplifies the vibrant, well-connected living experience that is highly sought after in this thriving tech region,” said Jason Byrne who is managing member for the investment. “We were pleased to have partnered with Daiwa House Texas on this community and appreciate JLL’s support facilitating this transaction.”
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 group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
