$286M sale of Parkside Apartments sets benchmark for luxury living in Redmond

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Rhea-AI Summary

JLL Capital Markets has announced the $286 million sale of Parkside Apartments, a 664-unit luxury community in Redmond, Washington. The property, developed in 2021, was sold by a partnership between Texas-based investors and Daiwa House Texas to Lakevision Capital. Located at 15551 NE Turing St. within the Esterra Park master-planned community, the property spans 4.5 acres and features four buildings ranging from five to eight floors. The complex offers upscale amenities including rooftop decks, fitness centers, and various unit configurations with modern finishes. Its strategic location provides easy access to major transportation routes and tech employment hubs in the Seattle metropolitan area.

Positive

Successfully closed a major $286M property transaction
Property located in prime tech hub location with strong employment drivers
Recently developed (2021) luxury property with modern amenities
Strategic location near major transportation routes and employment centers

Negative

None.

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11/08/2024 - 04:06 PM

JLL's Capital Markets group facilitates landmark transaction in tech-centric hub near Seattle MSA

SEATTLE, Nov. 8, 2024 /PRNewswire/ -- JLL's Capital Markets group announced today 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 St., 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.

JLL's Capital Markets Investment and Sales Advisory team was led by Senior Managing Directors David Young and Corey Marx and Senior Director Chris Ross.

"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.

For more news, videos and research resources, please visit JLL's newsroom.

About Lakevision Capital
Lakevision Capital, established in 2018, acquires institutional-quality multifamily apartment communities across the US. With a focus on markets with strong job growth and accessible public transit, such as the Bay Area and Seattle, Lakevision is committed to providing the best apartment lifestyle to tenants and creating a positive impact in the communities they serve.

About JLL 
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Contact: Gréta Kieras, Senior Associate, Public Relations
Phone: +1 949 930 8498
Email: greta.kieras@jll.com