LYNNWOOD, WA - Waterton Associates LLC, a U.S. real estate investor and operator, announced its re-entry into the Seattle market with the acquisition of Martha Lake Apartments, a 155-unit garden-style apartment community in north suburban Lynnwood.
Located approximately 15 miles north of downtown Seattle, Martha Lake Apartments offers a mix of one-, two- and three-bedroom residences and a variety of on-site amenities, including an outdoor swimming pool, spa and racquetball court, as well as a resident-only fitness center and lounge. It is the sixth property acquired by Waterton in 2014 and the first community Waterton has owned in the Seattle area since 2004.
“Seattle has been and will continue to be a target market for Waterton because of its strong demand drivers and high barriers to entry,” said Peter Kuzma, assistant vice president, acquisitions, at Waterton Associates. “Development has been concentrated in the urban core, which has created an opportunity to implement value-add programs in older, well-located suburban communities like Martha Lake where we’re able to achieve strong rent premiums.
“Martha Lake already benefits from its commuter-friendly location, offering convenient access to major employment centers throughout the North Puget Sound region,” added Kuzma. “By making improvements to individual residences, common areas and amenity spaces, we see tremendous upside potential as we improve the overall living experience for residents.”
Apartments at Martha Lake range in size from 600 to 1,109 square feet and feature fully equipped kitchens, spacious closets and an in-unit washer and dryer. Select residences also include a wood-burning fireplace, private patio/balcony and vaulted ceilings.
“Martha Lake is a great value for residents who want to be close to it all,” said Kuzma. “The community’s proximity to Interstates 5 and 405 is especially ideal for working professionals who can easily commute to the various employers in the region, including Microsoft, Boeing and Google – all of which have offices less than 30 minutes away.”
Residents of Martha Lake also have access to a number of recreational activities in the North Puget Sound region, and are a short 10-minute drive from Alderwood Mall and Mill Creek Town Center, two of the region’s premier shopping and dining destinations.