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News release

SEATTLE, WA

Investors Look to Add Value to Seattle-Area Apartments 

JLL closes $32.5 million sale of garden-style apartment community with strong upside potential


SEATTLE, Nov. 4, 2015 – The hot job market and continuing economic expansion throughout the Puget Sound region is attracting significant interest to the multifamily sector with a broad universe of investors seeking opportunities to acquire assets. In just the last 30 days, JLL’s Capital Markets experts have successfully closed transactions valued at more than $430 million throughout the region. Investors’ appetite runs the gamut from new high-rise buildings to older, low-rise suburban communities.
 
JLL today announced the $32.5 million sale of the 256-unit Deer Creek apartment community at 6115 111th Street East in Puyallup, on behalf of San Francisco-based investor JB Matteson, Inc. Consisting of 21 low-rise buildings, the 15-year-old gated community sits in a submarket with just 3.8 percent vacancy and was acquired by Los Angeles-based institutional investor, Lowe Enterprises.
 
Managing Director David Young, Executive Vice President, Corey Marx, and Senior Vice President Seth Heikkila led the JLL team on the transaction.
 
“We’re seeing strong investor interest in a wide range of multifamily assets throughout the region, but properties like Deer Creek where investors can add value through repositioning or renovation are certainly increasingly attractive, especially in markets where vacancy continues to tighten,” says Young.
 
Investors were attracted to the Puyallup community by the opportunity to add value through upgrading the individual units in a market with high demand and limited supply.  

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
 
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
 
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.