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May 28, 2020
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JRK Property Holdings Buys 240-Unit Res Property in the Seattle Area


JRK Property Holdings purchased Santa Fe Ridge Apartments, a 240-unit, garden-style multifamily property in Silverdale, WA, about 24 miles northwest of Seattle. The property, acquired in an off-market deal, boosts JRK’s portfolio in the Seattle MSA to over 1,400 units.

Built in 1991, the community is located on a hillside lot at 1410 NW Santa Fe Lane overlooking Old Town Silverdale and the Dyes Inlet of the Puget Sound. JRK will complete renovations to the one-, two- and three-bedroom apartment homes that were started by the seller. In addition, JRK will make significant improvements to the community’s common areas and amenities including the indoor swimming pool and spa, fitness center and community lounge. The property also includes indoor racquetball and basketball courts, tanning salon, dog park, and children’s playground.

“The Kitsap Peninsula, and Silverdale in particular, benefits from a strong local economy anchored by the largest naval base in the Pacific Northwest,” noted JRK Senior Vice President, James Bloomingdale. “In addition, supply has not been able to keep up with demand for rental product, thanks to the region’s desirability and relative affordability. As a result, the submarket continues to experience high occupancy and strong rent growth.”

This is JRK’s second investment in Silverdale and its fourth in the greater Seattle area. Its local portfolio includes 225-unit Trillium Heights located less than a mile from Santa Fe Ridge Apartments, 714-unit Boulders at Puget Sound in Tacoma, and Carroll’s Creek, a 288-unit townhome community in Marysville.

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