General Investment & Development has acquired Uplund at Totem Lake by Windsor, a 409-unit community in Kirkland, Wash., according to The Registry. American Capital Group and Artemis Real Estate, represented by CBRE, sold the property. Ten percent of the apartments are allocated as affordable units. The sale represents the largest multifamily transaction in Kirkland history, according to CBRE.
According to Yardi Matrix data, American Capital Group owns five other properties in the Greater Seattle area, with two more under development, while GID has eight properties in the market, including another asset in Kirkland, a 161-unit community. While Seattle’s 2021 recovery was rather slow due to issues tackled by many coastal markets, the metro’s pipeline picked up steam recently. As of mid-July, the metro had 28,134 apartments under construction, with an additional 106,000 units in the planning and permitting stages, both figures rising since the beginning of the year.
The CBRE team that represented the sellers of Uplund at Totem Lake consisted of Vice Chairmen Eli Hanacek and John Hallgrimson, Executive Vice President Mark Washington as well as First Vice President Kyle Yamamoto.
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