Waterscape Apartments

Kirkland, Washington (Seattle)

Historical Transaction

Units: 196
NRSF: 179,990 (apartments); 6,500 (retail)
Total Capital: $47.3 million
Equity Invested: $17.2 million
Status: Sold
Realized Multiple: 2.5x
Realized IRR: 37%

Waterscape is a 196-unit project with 6,500 square feet of retail space on its ground floor. Waterscape was the final phase of the 11.4-acre Juanita Bay mixed-use apartment and retail development. The podium-style apartment project sits on a 2.3-acre site (density of 84 units to the acre), in two buildings with three to six stories that cascade to the south to provide unobstructed views of Juanita Bay. Kirkland is a close-in Eastside suburb that features excellent access to the highway system, nearby tech employers, top-rated schools, and a high income demographic. The project was developed and stabilized over a 37 month time period and sold in September, 2014.


  • The site was acquired fully entitled and “shovel ready”, with all pre-development and design work having been completed by the previous owner.
  • Lake Views & Recreational Amenities – Juanita Village is located across the street from the waterfront of Juanita Bay providing future residents excellent views of Lake Washington  which are unobstructed due to the adjacent 29.5 acre Juanita Beach Park.  The park underwent a major renovation that began in 2010 and enhances the outdoor setting providing future residents easy access to ball fields, tennis courts, play areas and more.
  • The land cost of $9.85 million ($50,255 per unit land and A&E) is below the price of comparable sites put under contract within the prior 18-24 months.
  • Market research projected the strong core Eastside submarket would experience increases in rental rates and occupancy complemented by limited direct competition during the development timeline.
  • Capitalize on opportunity for compressed lease-up timeline given the attractiveness of the project’s infill location and proximity to major employment centers, public transportation, retail facilities, restaurants, and entertainment venues.