Colorado-based Archstone sold the property — built in 1989 — for just over $58 million, according to public records.
In a press release last week, new ownership said it plans a substantial renovation to upgrade the community’s amenities, clubhouse, landscaping, apartment interiors and signage. The 18-acre property currently comprises 17 three-story apartment buildings with 360 units and includes two swimming pools, an indoor spa, fitness center, tennis court and barbecue area. The complex has 637 parking spaces in surface lots, garages and carports.
In the release GA boasted of Waterford’s unique combination of rural living in an urban setting.
“Its central location near both Interstate 405 and Highway 522 provides easy access to downtown Seattle and the region’s largest employment centers, including Microsoft’s Redmond headquarters, the Bothell technology corridor and Boeing’s Everett aircraft assembly facility.
“In addition to its employment centers, the Woodinville area provides a variety of recreational opportunities, including hiking and biking on the Burke-Gilman and Sammamish trails and summer concerts at the area’s many wineries.”
Said GA Senior Vice President James Delmotte: “The acquisition of Waterford Place continues to meet our strategic objective of building a portfolio of value-added rental properties in the Puget Sound region.
Continued job growth in the region, favorable interest rates and an improving economy add to the appeal of this acquisition.”
With the purchase, GA now owns (wholly or in joint venture partnerships) 10 multifamily communities with a total of 1,660 units in the greater Seattle area.