JLL’s Capital Markets group recently announced the successful sale of Parkside Apartments in Redmond, Washington for a whopping $286 million. The luxury community, consisting of 664 units, was sold to Lakevision Capital by a partnership between a Texas-based group of investors and Daiwa House Texas, previously associated with Lincoln Property Company Residential.
Parkside Apartments, located at 15551 NE Turing St., is part of the Esterra Park master-planned community. Its prime location offers easy access to the East Link Light Rail Extension, SR-520, and I-405, providing residents with a convenient connection to Downtown Redmond, Bellevue, and Seattle. The area is surrounded by shopping centers, tech employment hubs, and various nightlife options.
Redmond, known as the “Bicycle Capital of the Northwest,” is a thriving city in the Seattle MSA’s Eastside, just a short drive away from Seattle and Downtown Bellevue. The city is a major technology hub, home to several prominent tech firms, and offers excellent schools, recreational opportunities, and a vibrant cultural scene.
Built in 2021, Parkside Apartments sit on 4.5 acres and offer a range of upscale amenities, including two rooftop decks, state-of-the-art fitness centers, a pet wash station, an entertaining suite, and a game lounge. The community consists of four buildings ranging from five to eight floors, offering studios, one- and two-bedroom options with modern kitchens, private balconies, walk-in closets, and full-size washers and dryers.
JLL’s Capital Markets Investment and Sales Advisory team, led by Senior Managing Directors David Young and Corey Marx, along with Senior Director Chris Ross, facilitated the sale of Parkside Apartments. Jason Byrne, managing member for the investment, expressed his satisfaction with the transaction, highlighting the vibrant and well-connected living experience that Parkside Apartments offers in the tech region.
JLL’s Capital Markets group is known for providing global capital solutions for real estate investors and occupiers. With a team of over 3,000 specialists worldwide, JLL offers investment sales and advisory, debt advisory, equity advisory, and recapitalization services to clients in nearly 50 countries.
Lakevision Capital, established in 2018, focuses on acquiring high-quality multifamily apartment communities across the US, particularly in markets with strong job growth and accessible public transit. Their commitment to providing the best apartment lifestyle to tenants and making a positive impact in the communities they serve aligns with their core values.
In conclusion, the sale of Parkside Apartments in Redmond sets a new benchmark for luxury living in the area, reflecting the high demand for upscale amenities and well-connected communities in thriving tech regions. The partnership between JLL, Daiwa House Texas, and Lakevision Capital underscores the value of strategic investments in real estate that cater to the evolving needs of residents in dynamic urban environments.