Archstone Partnership Acquires 131-Unit Community

Archstone Partnership Acquires 131-Unit Community

KIRKLAND, WA - Archstone, a leader in apartment operations and investment, announced the acquisition by an Archstone sponsored partnership of Carillon Heights, a 131-unit apartment community in the prestigious Lakeview neighborhood. The community was purchased for approximately $47.5 million and will be renamed Archstone Kirkland at Carillon Point.

The community is located at 5604 Lakeview Drive on a hillside overlooking Lake Washington and Carillon Point. Many apartment homes at the community offer sweeping views of Lake Washington and the downtown Seattle skyline.

"We own apartment communities in some of the very best locations in the Seattle metropolitan area," said R. Scot Sellers, Archstone's chief executive officer. "Archstone Kirkland at Carillon Point is an excellent addition to the 11 apartment communities and 3,347 units we own and operate nearby. We believe it will be an outstanding investment for us."

The apartment homes that were not upgraded during a previous partial renovation will be fitted with new kitchen cabinets and countertops, new light fixtures, upgraded fireplaces and mantels and more. The renovations will bring the community's interiors in line with its prestigious surroundings in Carillon Point.

Carillon Point is centrally located near a number of popular employment, dining, shopping and entertainment destinations. Nearby professional employment centers within a short drive include downtown Bellevue Central Business District and the downtown Seattle CBD. In addition, Microsoft's Redmond campus, which employs more than 30,000 people, is within six miles of the community.

Residents at Archstone Kirkland at Carillon Point also enjoy easy access to the many restaurants in Carillon Point, including Poppinjay's Cafe, Starbucks, bin on the lake and Le Grand Bistro Americain. To the north of the community is Kirkland’s unique downtown waterfront, which is packed with popular restaurants, art galleries, public parks and the Kirkland Performance Center.

Entertainment is also easy to find for residents of the Kirkland apartments, as they are within walking distance of some of Kirkland's many waterfront parks, including Houghton Beach Park and Marsh Park.

"Archstone Kirkland at Carillon Point is in the midst of one of the most prestigious neighborhoods in the Seattle metropolitan area," said Charles E. Mueller Jr., Archstone's chief operating officer. "Our operations team is excited about this opportunity and is looking forward to adding even more value to the residents and the neighborhood through its commitment to world-class customer service."

Archstone Kirkland at Carillon Point’s 1-, 2-, and 3-bedroom units offer large floor plans and a number of popular features, including washers and dryers and patios or balconies. Some of the units feature 9-foot ceilings, vaulted ceilings, walk-in closets, master suites with balconies, built-in dry bars and fireplaces.

The seller is an affiliate of Continental Properties LLC and was represented in the sale by Jon Hallgrimson and Frank Bosl with CBRE. CBRE’s multifamily finance team led by Brian Eisendrath, executive vice president, arranged the financing.

Archstone is a recognized leader in apartment investment and operations. The company's portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. Archstone strives to provide great apartment rentals and great service to its customers -- backed by service guarantees. As of December 31, 2011, the company owned or had an ownership position in 432 communities located in the United States and Europe, representing 72,996 units, including units under construction.

Source: Archstone / #Multifamily #Apartments

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