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10/26/16
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JRK Property Holdings (JRK) has purchased Trillium Heights, a 225-unit apartment home community in Silverdale, WA. The asset was sold by a joint venture of Pinnacle and AEW Capital Management.
Located at 12240 Daphne Rd, Trillium Heights was built in 1989 and later renovated in 2011. The community offers a mix of one-, two- and three-bedroom apartment homes in nine, three-story buildings situated on a low-density 11-acre site. Each unit features desirable open floor plans, wood burning fireplaces, private patio or balcony, and full size washer and dryer. Common area amenities include resort-style clubhouse, fitness center, community room, pool and spa, indoor basketball court and children’s play area. The property was 96% occupied at closing.
JRK plans to implement a modest capital improvement program to keep up with today’s tenant preferences. The upgrades will include faux wood floors, lighting fixtures and solid surface countertops.
“Despite its distance from downtown Seattle and Tacoma, the Silverdale market still commands rents exceeding comparable product in South King County,” said James Bloomingdale, JRK Senior Vice President and Head of Acquisitions. “Multifamily fundamentals in Silverdale are very robust due to a rare combination of strong job and income growth and a lack of new supply. We think these dynamics will make Trillium Heights an excellent long-term performer, especially as the Harrison Medical Center expansion is completed and retail offerings continue to be enhanced around the Kitsap Mall. We also really like that the property is located across the street from one of the top elementary schools in the entire region.”
John Hallgrimson, Eli Hanacek, Frank Bosl and Josh McDonald in CBRE’s Seattle office represented both parties in the transaction. The price was not given out.
This is LA-based JRK’s second investment in the Puget Sound. Its local portfolio also includes Boulders at Puget Sound, a 714-unit community in Tacoma, the fourth largest apartment community in the region.
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