KIRKLAND, WASH. — Waterton has re-entered the Seattle market with its purchase of the 123-unit 128 on State apartment community in Kirkland. The property is situated at the crossroads of NE 85th Street and Interstate 405.
The buyer plans to execute a value-add renovation at the 1.5-acre community. The property provides an opportunity for an impactful value-add renovation scope, according to Waterton. This would include upgrading residences (all of which are in original condition) to a modern finish level with quartz countertops, tile backsplashes and refinished cabinetry in kitchens; new tile and tub surrounds in bathrooms; new carpeting in bedrooms; and updated lighting and plumbing fixtures throughout. Common areas will also be updated with modern furniture and finishes, including a new yoga studio in the fitness center.