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May 20, 2024
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Newly Built Washington Res Community Trades for $242 Mil


Uplund apartments, a 409-unit, new construction multifamily property in Kirkland, WA, has traded hands in a deal worth $242 mil, or $592k/unit. The property was sold by American Capital Group (ACG) and Artemis Real Estate Partners.

Built in 2021, the Uplund consists of two, six-story buildings on 7.4 acres. The community has studio, one-bedroom, two-bedroom and three-bedroom floorplans with an average unit size of 789 sf. Ten percent of the apartments are designated as affordable units.

ACG completed the property after taking over the development from the previous owner mid-construction during the pandemic. The community was designed with resort-style amenities including an on-site hiking trail, two private terrace courtyards, a 24-hour fitness center, car wash station, dog wash station, bike storage and repair station, smart parcel lockers with refrigeration for grocery delivery, coworking spaces and multiple resident lounges.

Located at 11723 NE 117th Ct, Uplund is six minutes from downtown Kirkland, 10 minutes from downtown Bellevue and Bothell, and 15-20 minutes from Redmond, Renton and downtown Seattle. Uplund is also a five-minute drive from Lake Washington, Totem Lake Park and the restaurants and retailers at Village at Totem Lake.

Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto with CBRE Capital Markets in Seattle represented the sellers in the transaction. The buyer was General Investment & Development, a limited liability company based out of Boston..

“Uplund checked all the boxes with best-in-class finishes, a collection of amenities that exceed market standards, and a location near the I-405 with easy access to major employment centers, retail and recreation. The large number of units offered a buyer immediate scale and operational efficiency. In addition, Kirkland’s multifamily construction pipeline is more subdued than what’s slated for Bellevue and Redmond. This positions new construction projects like Uplund for long-term renter demand,” noted Hanacek.

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