American Capital Group, Artemis Real Estate Partners Divest of Uplund Apartments in Kirkland, Washington for $242M

by Amy Works

KIRKLAND, WASH. — American Capital Group (ACG) and Artemis Real Estate Partners have completed the disposition of Uplund, a multifamily community located at 11723 NE 117th Court in Kirkland. An undisclosed buyer acquired the asset for $242 million.

Built in 2021 on 7.4 acres, Uplund features two six-story buildings offering 409 apartments in a mix of studio, one-, two- and three-bedroom floorplans with an average unit size of 789 square feet. Ten percent of the apartments are designated as affordable units. The property features an onsite 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.

ACG completed the property after taking over the development from the previous owner mid-construction during the pandemic.

Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE Capital Markets in Seattle represented the sellers in the deal.

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