SEATTLE, WA - CBRE announced the $242 million sale of the Uplund apartments, a 409-unit, new construction multifamily property in Kirkland, Wash. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto with CBRE Capital Markets in Seattle represented the sellers, 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 sq. ft. 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.
“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,” said Eli Hanacek, vice chairman, CBRE.
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.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About ACG: Founded in 1986, ACG is an experienced, vertically integrated, locally based real estate company that designs, develops, builds, acquires, and manages multifamily properties. With a focus on suburban multifamily opportunities in the Western U.S., ACG has developed and acquired more than 80 properties totaling over 16,000 units across 10 states. ACG’s current portfolio consists of approximately $2 billion in assets under management.