A 29-unit luxury apartment complex in Kirkland’s Totem Lake neighborhood has sold for nearly $8.8 million.
An affiliate of Pathfinder Partners, LLC, a San Diego-based real estate private equity firm, sold The Pines at Totem Lake to a local private buyer for $302,587 per unit. The sale represents the highest price per unit paid by a private party in the Kirkland market, according to the CBRE Group, Inc.
Steven Chattin and Mitchell Belcher of CBRE, Inc. represented the seller in the transaction.
Strong job growth is driving multi-family demand and rental growth in the Pacific Northwest.
“Sub 100-unit apartment properties are attractive to investors who are aggressively pursuing a position in the region, “said Chattin. “Newer construction properties such as The Pines at Totem Lake (built in 2008) are well positioned for sellers to take advantage of market appreciation.”
The Pines at Totem Lake, located at 12411 NE Totem Lake Way, is situated just south of the EvergreenHealth main campus and adjacent to the Totem Lake Malls. Each unit comes equipped with a private balcony, fireplace, granite countertops, stainless steel appliances, 10-foot ceilings and walk-in closets.
