A Chicago-based real estate invest firm announced today that it has acquired Taluswood Apartments, a 512-unit complex in Mountlake Terrace.
The apartments located at 4208 236th St. SW are spread over 24 buildings with a mix of floor plans from one- to three-bedrooms, acccording to Waterton Associates.
It’s the second apartment complex purchased by the group in Snohomish County in the past year. In December 2014, Waterton bought the Martha Lake Apartments, a 155-apartment units in Lynnwood about seven miles northeast of Taluswood.
“Seattle’s job growth, fueled by the city’s burgeoning tech sector, is generating unprecedented demand for rental housing, with thousands of units under construction in King and Snohomish counties,” said Peter Kuzma, vice president of acquisitions at Waterton Associates, in a statement. “Yet despite the supply that’s been added, the vacancy rate has continued to fall, allowing many landlords to push rents and obtain attractive yields.”
Waterton declined to identify the price paid for the apartments.
The company plans to remodel some of the Mountlake Terrace units, replacing flooring and modernizing kitchens and baths. Waterton also plans to make improvements to the apartment’s clubhouse, fitness center, basketball and tennis courts, two outdoor pools and an indoor spa with sauna.
With this purchase, Waterton Associates owns nearly 18,000 rental units across the country. For more information, go to www.taluswoodapartments.com.
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