Large Shoreline Apartment Complex Purchased By Real Estate Firms

From Intercontinental: Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development, and management firm headquartered in Boston, MA, and Security Properties, a Seattle, WA real estate investment, development, and operating company, announced the purchase of Echo Lakes Apartments located in the North Seattle/Northgate region.

Developed in 2009, the property contains 289 units consisting of studio, one bedroom, two bedroom, three bedroom, and townhome apartments. The 4.3 acre lot, fronting Echo Lake, is also home to 8,999SF of retail space, a 24-hour fitness center, an outdoor pool, a clubhouse featuring a residents’ lounge area, fireplace, full kitchen with bar and dining area, pool table, internet cafe and leasing office, along with 459 total parking spaces.

The property, located in Shoreline, WA, a suburb of Seattle, allows easy transportation throughout the surrounding metro area. Major employment centers, Downtown Seattle to the south and Everett to the north, are within a 20 mile radius. Convenient access to the SR 99 and I-5 paired with walking access to the Shoreline Park & Ride and Aurora Village Transit Center provides a multitude of ways to reach the growing number of job opportunities located in the greater Seattle area. Travel will become easier in the future as a Shoreline Light Rail Station is planned to break ground less than 5 minutes from the complex.

Within the boundaries of Shoreline, residents are offered close proximity to recreation and retail. To the north of the property sits Echo Lake Park, a 12-acre expansive green space with boating, fishing, picnic areas, and a lake trail that leads to the 24-mile Interurban Trail. To the south lies many shopping and dining options.

Falling within the Shoreline School District, residents will be able to attend a variety of sought after schools. Echo Lake Elementary School, Albert Einstein Middle School and Shorewood High School are all located a mile from the property and have been ranked 8/10, 9/10, and 9/10, respectively, by GreatSchools.org.

Jessica Levin, Senior Director of Acquisitions at Intercontinental, summarized the appeal of the investment, “Seattle is a dynamic market and we are excited about the employment drivers in the area. Upon the execution of our business plan, residents will benefit from an upgraded living experience with premier access to nearby retail, leisure and recreational amenities. This compelling combination makes Echo Lake Apartments an excellent long term investment for our investors.”

Allen Logue, Associate Director, Acquisitions for Intercontinental added “Intercontinental is excited to expand its Seattle area portfolio with our sixth acquisition. Echo Lake Apartments benefits from a “first ring” suburban location exhibiting strong market fundamentals and with close proximity to major arterials and public transportation nodes.”

According to Davis Vaughn, Director at Security Properties, the acquisition was made because, “Echo Lake Apartments falls right in line with our strategy of buying in the best micro-location in a submarket. With direct access to Echo Lake Park, this asset has a significant competitive advantage in its setting over other apartments in the area. Once we execute our business plan, we will be able to fully capitalize on the location by offering renters a high-end product adjacent to a lake that will be unmatched in Shoreline.”

The property will be managed by Madrona Ridge Residential.

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