Seattle — Jones Lang LaSalle’s Capital Markets group has announced the sale of Slater 116, a mixed-use property in Kirkland, a Seattle suburb. The property features 108 apartments and more than 10,000 sq. ft. of ground floor retail space. Essex Property Trust bought the recently completed property from Mainstreet Property Group for $29.6 million.
Slater 116 is in a prime location that provides residents with quick access to some of the most popular areas in metro Seattle’s Eastside, including Downtown Kirkland, Downtown Bellevue, Redmond and the Woodinville wine country. The property is near the campuses of many of the Seattle area’s major employers — such as Boeing, Microsoft, Google and Evergreen Hospital — and is located in a strong submarket. Kirkland’s estimated average household income is $101,164, and its apartment vacancy rate is just 4.2%.
“When you combine the thriving job market of the surrounding area, the great demographics and the low apartment vacancy rates of Kirkland, it’s easy to see why this was such a desirable property in the marketplace,” said JLL managing director David Young. “Gen Y workers in the area are fueling demand for newly constructed multifamily units that offer best-in-class amenities at premium rents.”