Sares Regis Multifamily Value-Add Fund III, L.P. has acquired Eastlake 2851, a 133-unit apartment community on the eastern shoreline of Lake Union, Seattle, Washington.
The property provides direct access to employment centers in the neighborhoods of South Lake Union and the University District and is one mile north of the University of Washington. Adjacent to the I-5, the property lies along the Eastlake Avenue transit corridor, providing access to the South Lake Union Streetcar and the Sound Transit Link light rail. Located directly south of the Eastlake neighborhood, South Lake Union is home to some of the largest companies in Washington.
Eastlake 2851 consists of studio, one and two-bedroom units, along with two retail spaces consisting of 4,265 square feet. All units have stackable washers and dryers. Residents have on-site access to Little Water Cantina, a neighborhood Mexican eatery with a bar and a patio dining overlooking the lake. The second retail space is a medical practice, Seattle Integrative Oncology.
Community amenities include two rooftop decks, outdoor lounge with firepit, spacious fitness center, and picturesque Lake Union views. There are outdoor individual garden plots on the rooftop deck offering residents the opportunity to grow organic produce. Residents enjoy the security of controlled access gates. 11 apartment homes feature 250 square feet private terraces and high-vaulted ceilings. 63 apartments feature panoramic lake views for a rental premium.