FPA Multifamily has purchased Waters Edge, a 304-unit community in Kent, Wash. Jackson Square Properties sold the value-add asset for $80 million or $263,125 per unit. An IPA team represented the seller and procured the buyer.
The rental community came online in 1987 and comprises 32 two- and three-story buildings with one-, two- and three-bedroom floorplans, ranging from 523 to 1,124 square feet.
Common-area amenities of the roughly 18-acre property include a clubhouse, fitness center, volleyball court, business center, swimming pool, spa, as well as three laundry facilities. The spa, fitness center and clubhouse were recently renovated.
Located at 6305 S. 238th Place, Waters Edge is part of a master-planned community and is close to a host of entertainment options, such as Kent Valley Miniature Golf and Ice Center. Main Lake is also within walking distance. SEA International Airport is roughly 10 miles northeast, while downtown Seattle and downtown Bellevue are 19 miles away.
The IPA team that facilitated the transaction included Vice President Anthony Palladino, Executive Directors Philip Assouad and Giovanni Napoli, Associate Nicholas Ruggiero and Senior Associate Ryan Harmon.
Same parties, different transactions in the Seattle area
In May, the same IPA team arranged the acquisition financing for a 192-unit community in Everett, Wash. The asset changed hands for $61.6 million.
Earlier this year, Jackson Square Properties acquired a 360-unit luxury community in the Redmond suburb of Seattle. Fairfield Residential sold the asset for $125 million.
In 2023, the Puget Sound area has continued to record some of the highest per-unit prices in the country, with the $307,247 average well above the nation, according to the latest Yardi Matrix multifamily report.
