SARES REGIS Multifamily Value-Add Fund III, L.P. (SRMF VA-III) has acquired Woodlake Apartments, a 288-unit Class-B apartment community built 1984. The property consists of two-story garden style within 19 buildings. Community amenities include a community club space with lounge area and kitchen, fitness facility, heated pool, tennis court, basketball court, and playground. Woodlake offers a mix of one and two bedroom floorplans, each with spacious layouts, in-unit washer/dryers, large kitchens, large balconies with personal storage, and wood burning fireplaces in all units. Current ownership has renovated 90% of the apartment homes. SRMF VA-III believes that continuing the renovation that current ownership has planned, along with capturing loss to lease will yield an attractive return to the investors.
Woodlake is situated in the preferred North Juanita neighborhood of Kirkland, Washington with convenient access to I-405 and Kingsgate Park & Ride. Within 15 minutes of the property, Woodlake holds close proximity to major employment centers such as Google, Microsoft and Amazon. Juanita Beach Park neighbors the retail area and affords visitors waterfront access and recreation. Woodlake is located within the Lake Washington School District which serves the region to the east of Lake Washington, one of the wealthiest in the Puget Sound area. From the walkable mixed-use marina at Carillon Point, to the trendy shops and restaurants of downtown Kirkland, the Property offers outstanding access to the great attributes such as Juanita Village which sits on the edge of Lake Washington and offers ample eateries to nearby Woodlake.