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May 18, 2024
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Washington Apartment Property Sells for $53 Mil


2000 Lake Washington, a 186-unit multifamily community in Renton, WA, traded hands in a $53.2 mil ($286k/unit) transaction. The asset was sold by New York Life Real Estate Investors.

Situated on 9.2 acres at 1300 N 20th St in Renton, 2000 Lake Washington was built in 1986 and renovated in 2016. The property consists of 18 buildings with one-bedroom and two-bedroom floorplans averaging 706 sf in size. Each apartment includes an in-unit washer/dryer and a balcony or patio. Community amenities include a fitness center, dog park, business center and clubhouse, outdoor pool and sauna and electric vehicle chargers.

The property is across the street from Lake Washington, the Renton Sailing Center and Gene Coulon Memorial Beach Park. Tenants are minutes away from retail amenities and attractions including The Landing, Topgolf, Henry Moses Aquatic Center and Museum of Flight, as well as immediate access to the expanding Boeing plant.

Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper with CBRE’s multifamily team in the Pacific Northwest represented the seller in the deal. Peter Marino, Troy Tegeler, Trevor Breaux and Ryan Greer with CBRE’s Debt and Structured Finance team are in the process of arranging financing for the buyer, who paid cash at the time of sale.

“The property’s exceptional location overlooking Lake Washington, proximity to the region’s leading employers and amenities, and recent capital improvements were key factors in attracting strong interest from buyers,” said Yamamoto. “When combined with limited supply, affluent demographics and low vacancy, 2000 Lake Washington is a generational quality asset on the Eastside.”

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