Waterton has acquired Brackett Apartments, a 386-unit garden-style multifamily community in Edmonds, Washington. The price was not disclosed.
Located at 9501 244th Street SW in Edmonds, Brackett Apartments was built in 1987 and offers a unit mix of one-, two- and three-bedroom units. All units include a washer, dryer and wood-burning fireplaces.
The property is close to major employers, highly rated schools, restaurants and amenities. Brackett is a seven-minute drive to downtown Edmonds, a 15-minute drive to the Kraken Community Iceplex and a 30-minute drive to downtown Seattle.
CBRE’s Eli Hanacek, Kyle Yamamoto, Mark Washington and Natalie Kasper, represented the sellers, Intercontinental Real Estate Corporation and TruAmerica Multifamily.
“This is a truly irreplaceable asset with significant value-add upside, acquired at a substantial discount to replacement cost. The property has been meticulously maintained and is uniquely positioned in a premier North Seattle waterfront suburb that hasn’t seen new garden-style multifamily development in nearly four decades. With strong projected rent growth and robust multifamily fundamentals, this investment represents a rare and strategic opportunity in one of the region’s most supply-constrained submarkets,” said Hanacek.
Near-term supply in the Edmonds multifamily construction pipeline is very constrained. There are no projects over 100 units currently under construction.
