Monday, April 22, 2013

HFF closes $24.3 million sale of Seattle area multi-housing community



                  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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