Waterton Acquires Bellevue 265-Unit Apartment Complex for $103M

Waterton, a national real estate investor and operator, has expanded its footprint in Washington by acquiring The Lakes Apartments, a 265-unit rental community in Bellevue for $103 million.

The Lakes boasts proximity to several employment centers throughout the Puget Sound region and includes 29 two- and three-story garden-style buildings. Waterton acquired the 12.8-acre rental community with an in-place loan and will execute a robust value-add renovation at The Lakes.

Close to job centers in Seattle, Redmond, Bellevue and Kirkland, The Lakes is walkable to many of the technology employers in the region, including Microsoft’s west campus. Located at the intersection of NE 40th St and 148th Ave NE, the property is situated at the heart of an economically diverse area with nearby specialty retail, technology and advanced manufacturing. The future Link light rail station is expected to be operational in 2024 and will provide residents with access to downtown Bellevue, Seattle, and Seattle-Tacoma International Airport.