2000 Lake Washington, a 186-unit multifamily community in Renton, Washington traded hands in a $53.2 mil ($286k/unit) transaction. The asset was sold by New York Life Real Estate Investors, represented by CBRE.
The property consists of 18 buildings with one-bedroom and two-bedroom floorplans ranging from 650 to 975 square foot in size. Each apartment includes an in-unit washer/dryer and a balcony or patio. Community amenities include a fitness center, dog park, business center and clubhouse, outdoor pool and sauna and electric vehicle chargers. The community is pet-friendly and features a bark park.
The property is across the street from Lake Washington, the Renton Sailing Center and Gene Coulon Memorial Beach Park. Tenants are minutes away from retail amenities and attractions including The Landing, Topgolf, Henry Moses Aquatic Center and Museum of Flight, as well as immediate access to the expanding Boeing plant.
Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper with CBRE’s multifamily team in the Pacific Northwest represented the seller in the deal. Peter Marino, Troy Tegeler, Trevor Breaux and Ryan Greer with CBRE’s Debt and Structured Finance team are in the process of arranging financing for the buyer, who paid cash at the time of sale.
“The property’s exceptional location overlooking Lake Washington, proximity to the region’s leading employers and amenities, and recent capital improvements were key factors in attracting strong interest from buyers,” said Yamamoto. “When combined with limited supply, affluent demographics and low vacancy, 2000 Lake Washington is a generational quality asset on the Eastside.”
New York Life Real Estate Investors (“Real Estate Investors” or “REI”) is an investment division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company and an affiliate of New York Life Investments. “New York Life Investments” is both a service mark, and the common trade name, of certain advisors affiliated with New York Life Insurance Company.
