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Waterton Picks Up 386-Unit Res Community in Edmonds, WA

6/19/25

Waterton has acquired Brackett Apartments, a 386-unit garden-style multifamily community in Edmonds, WA. The price was not disclosed.

Photo: Matthew Gallant Photography
Photo: Matthew Gallant Photography
Located at 9501 244th St SW in Edmonds, Brackett Apartments was built in 1987 and offers a unit mix of one-, two- and three-bedroom units. All units include a washer, dryer and wood-burning fireplaces. Community amenities include an outdoor pool and enclosed outdoor spa, as well as two renovated community centers with interactive games, fitness center, package lockers, and new dog park and dog wash station.

The property is close to major employers, highly rated schools, restaurants and amenities. Brackett is a seven-minute drive to downtown Edmonds, a 15-minute drive to the Kraken Community Iceplex and a 30-minute drive to downtown Seattle.


CBRE’s Eli Hanacek, Kyle Yamamoto, Mark Washington and Natalie Kasper, represented the sellers, Intercontinental Real Estate Corporation and TruAmerica Multifamily.

“This is a truly irreplaceable asset with significant value-add upside, acquired at a substantial discount to replacement cost. The property has been meticulously maintained and is uniquely positioned in a premier North Seattle waterfront suburb that hasn’t seen new garden-style multifamily development in nearly four decades. With strong projected rent growth and robust multifamily fundamentals, this investment represents a rare and strategic opportunity in one of the region’s most supply-constrained submarkets,” said Hanacek.

Near-term supply in the Edmonds multifamily construction pipeline is very constrained. There are no projects over 100 units currently under construction.




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