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Taluswood Sold for $80 Million

Taluswood Sold for $80 Million

From MLTnews:

Waterton Associates LLC, a U.S. real estate investor and operator, announced Monday that it has acquired Taluswood Apartments in Mountlake Terrace.

Located in a wooded neighborhood approximately 15 miles north of downtown Seattle, the garden-style rental community consists of 512 apartments across 24 buildings, with a mix of one-, two- and three-bedroom floor plans.

Taluswood is one of two communities in the Seattle area owned and managed by Waterton. In December 2014, the Chicago-based investor re-entered the market with the acquisition of Martha Lake Apartments, a 155-unit community in Lynnwood – about seven miles northeast of Taluswood.

“Seattle’s job growth, fueled by the city’s burgeoning tech sector, is generating unprecedented demand for rental housing, with thousands of units under construction in King and Snohomish counties,” said Peter Kuzma, vice president of acquisitions at Waterton Associates. “Yet despite the supply that’s been added, the vacancy rate has continued to fall, allowing many landlords to push rents and obtain attractive yields.”

Waterton plans to upgrade select residences at Taluswood to include new flooring and modernized kitchens and baths. Waterton also plans to make improvements to the community’s amenity spaces, which include a clubhouse, fitness center, basketball and tennis courts, two outdoor pools and an indoor spa with sauna.
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