Chicago's Waterton Expands Portfolio with $53M Acquisition of 186-Unit Seattle Apartment Community

Waterton, a real estate investor based in Chicago, has recently acquired a 186-unit garden-style apartment community in Renton, Washington.

Representation and Financing

CBRE's multifamily team in the Pacific Northwest, including Eli Hanacek, Mark Washington, Kyle Yamamoto, and Natalie Kasper, represented the seller, New York Life Real Estate Investors. Additionally, CBRE's Debt and Structured Finance team, comprising Peter Marino, Troy Tegeler, Trevor Breaux, and Ryan Greer, is arranging the financing.

Expansion Plans and Portfolio Growth

Kevin Ibasco, senior vice president of acquisitions at Waterton, expressed excitement about the acquisition, stating it will expand their portfolio and footprint on the east side of Seattle. He highlighted the property's strategic location with convenient access to major employment hubs in Renton, Bellevue, Redmond, and Kent Valley.

Property Details

The acquired property, named 2000 Lake Washington, spans 9.2 acres and consists of 18 buildings offering a mix of one- and two-bedroom floor plans. Its location near lifestyle and retail amenities in Renton, as well as downtown Seattle, adds to its appeal.