JLL's Capital Markets group facilitates landmark transaction
in tech-centric hub near Seattle MSA
SEATTLE, Nov. 8, 2024
/PRNewswire/ -- JLL's Capital Markets group announced today the
successful $286 million sale of
Parkside Apartments, a 664-unit luxury community in Redmond, Washington.
JLL worked on behalf of the seller, a partnership between a
Texas-based group of investors
previously associated with Lincoln Property Company Residential and
Daiwa House Texas, and procured the buyer, Lakevision Capital.
Parkside Apartments, located at 15551 NE Turing St., is
strategically situated within the Esterra Park master-planned
community. Just minutes away from the East Link Light Rail
Extension in Overlake, SR-520 and I-405, residents can enjoy a
convenient connection to Downtown
Redmond, Bellevue and
Seattle. Nearby, there's a wealth
of shopping, tech employment hubs and nightlife options.
Redmond is a thriving city
located in the Seattle MSA's Eastside, just 20 minutes from
Seattle and 10 minutes from
Downtown Bellevue. It's recognized
as the "Bicycle Capital of the Northwest" and boasts extensive
parks and trails. Redmond is a
major technology hub, home to prominent tech firms. The city offers
excellent schools, diverse recreational opportunities and a vibrant
cultural scene, making it one of the most livable small cities in
the U.S.
Developed in 2021, Parkside Apartments spans 4.5 acres and
offers an array of upscale amenities, including two rooftop decks
with panoramic views, state-of-the-art fitness centers, a pet wash
station, an entertaining suite and a game lounge. The four-building
community ranges from five- to eight floors and provides studios,
one- and two-bedroom options, each featuring modern kitchens with
quartz countertops, stainless steel appliances, expansive private
balconies, walk-in closets and full-size washers and dryers.
JLL's Capital Markets Investment and Sales Advisory team was led
by Senior Managing Directors David
Young and Corey Marx and
Senior Director Chris Ross.
"Parkside Apartments exemplifies the vibrant, well-connected
living experience that is highly sought after in this thriving tech
region," said Jason Byrne who is
managing member for the investment. "We were pleased to have
partnered with Daiwa House Texas on this community and appreciate
JLL's support facilitating this transaction."
JLL's Capital Markets group is a full-service global provider of
capital solutions for real estate investors and occupiers. The
group's in-depth local market and global investor knowledge
delivers the best-in-class solutions for clients — whether
investment sales and advisory, debt advisory, equity advisory or a
recapitalization. The group has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit
JLL's newsroom.
About Lakevision Capital
Lakevision Capital,
established in 2018, acquires institutional-quality multifamily
apartment communities across the US. With a focus on markets with
strong job growth and accessible public transit, such as the Bay
Area and Seattle, Lakevision is
committed to providing the best apartment lifestyle to tenants and
creating a positive impact in the communities they serve.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial
real estate and investment management company, has helped clients
buy, build, occupy, manage and invest in a variety of commercial,
industrial, hotel, residential and retail properties. A Fortune 500
company with annual revenue of $20.8
billion and operations in over 80 countries around the
world, our more than 111,000 employees bring the power of a global
platform combined with local expertise. Driven by our purpose to
shape the future of real estate for a better world, we help our
clients, people and communities SEE A BRIGHTER WAYSM.
JLL is the brand name, and a registered trademark, of Jones Lang
LaSalle Incorporated. For further information, visit
jll.com.
Contact: Gréta Kieras, Senior Associate, Public
Relations
Phone: +1 949 930 8498
Email: greta.kieras@jll.com
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SOURCE JLL