Two Kirkland Apartment Complexes Sell for $40.7 Million

Two apartment complexes in Kirkland sold recently to separate buyers for a total of $40.7 million, reports the Puget Sound Business Journal.

The 140-unit Sancerre complex at 12648 NE 144th Street in the Kingsgate neighborhood was purchased by San Mateo, Calif.-based 1031 Exchange Professionals for $24.9 million.

The Ascent Apartments at 12062 Slater Ave. NE in the Totem Lake area, formerly known at Chateau Crest, went for $15.85 million. The buyer was Essex of Palo Alto, Calif.

Both apartment complexes had been owned by limited partnerships based in San Francisco.

The Journal reports that suburban properties such as the two apartment complexes are gaining attention from investors because fewer units are being built in outlying areas despite often steady job growth. For the Puget Sound Business Journal story, click here.