Updated Dec 4, 2024
Lakeside Capital Acquires Multifamily Assets In Redmond WA From Willow Bridge Partners For $285.9M
15401 Northeast Turing Street & 15551 Northeast Turing Street
$285,900,000
Units
593
Asset Type
MultiFamily
Closing
Nov 7, 2024
About this deal
AI
Two apartment buildings located at 15401 Northeast Turing Street and 15551 Northeast Turing Street in Redmond, WA, were sold for a total price of $285,900,000. The multifamily assets comprise 593 units, with a price per unit of $482,125. The properties are situated in Esterra Park, a development by Lincoln Property Co.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $285,900,000
- Buyer: Lakeside Capital
- Seller: Willow Bridge Partners
- Units: 593
- Price Per Unit: $482,125
Lakeside Capital acquired the properties from Willow Bridge Partners, facilitating the transaction in the evolving Redmond market. The developments are part of a broader residential community, enhancing the investment profile for Lakeside Capital.
On the Map
$285,900,000
MultiFamily
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Players
Redmond MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93