Watercrest Apartments, 14812 Bothell Way, Lake Forst Park, WA
PORTLAND, OR – HFF announced today that it has closed the
sale of Watercrest Apartments, a 174-unit, garden-style multi-housing
community in Lake Forest Park, a suburb of Seattle, Washington.
 |
| Ira Virden |
HFF
marketed the property on behalf of the seller, Guardian Real Estate Services.
Weidner Apartment Homes purchased the property for $24.3 million free and clear
of existing debt.
Watercrest Apartments is located at 14812 Bothell Way less than 1,000
feet from the north shore of Lake Washington in Lake Forest Park. Built in 1968 and most recently renovated in
2008, the property features lake views and 174 one-, two- and three-bedroom
units averaging approximately 906 square feet each.
 |
| Dean Weidner |
Community amenities include a swimming pool, sauna, 24-hour
fitness center, covered parking and clubhouse.
The
HFF investment sales team was led by director Ira Virden and senior real estate
analyst Kerry Hughes.
“This property offered investors an excellent opportunity to
acquire a well-located, recently renovated asset with value left to be
created. This property will benefit
from the booming economic climate in Seattle, which will further drive NOI
growth,” commented Virden.
Established in 1971 and headquartered in Portland, Oregon, Guardian Real
Estate Services has evolved into a leading management, development and
investment firm.
The company offers a
diversified real estate service platform including property management,
investments, development and advisory services. Guardian delivers custom solutions by offering a higher level of
expertise, resources and creative capacity to develop a unique approach for
each client.
Weidner Apartment Homes, founded in 1977 by Dean Weidner,
is an owner, investor and manager of multi-housing properties. Currently ranked
#36 on the NMHC Top 50 list of apartment owners, Weidner owns more than 35,000
units throughout the United States and Canada.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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