Investor sees value in suburban Seattle apartment community
JLL Capital Markets advises Lowe Enterprises Investors and First Capital Advisors on the sale of 256-unit Deer Creek in Puyallup, WA.
SEATTLE, WA – January 3, 2019 – JLL Capital Markets represented joint venture partners Lowe Enterprises Investors (LEI), and First Capital Advisors on the just completed sale of Deer Creek, a 256-unit suburban apartment community at 6511 111th Street East in Puyallup, Washington. The buyer was Seattle-based Goodman Real Estate.
JLL Managing Directors David Young and Corey Marx led the Multifamily Capital Markets team handling the sale on behalf of the seller, Lowe Enterprises Investors.
The 18-acre Deer Creek community was built in 2000. LEI and First Capital acquired the property in 2015 and renovated unit interiors and common areas. The community is approximately 15 minutes from downtown Tacoma, 25 minutes from Sea-Tac International Airport and 45 minutes from Seattle. This unique placement provides residents rural living with urban amenities. Deer Creek offers a mix of one-, two- and three-bedrooms, spread among 21 separate garden-style residential structures, and multiple parking options for more than 500 vehicles.
“Puyallup is experiencing strong net in-migration, particularly among renters being priced out of urban markets like Seattle and Bellevue, which makes this property’s value-add opportunity an attractive proposition for investors,” said Marx.
LEI, an active national investor, oversees a portfolio of 6,500 apartment units and is actively seeking investment opportunities in key markets across the U.S. LEI, founded in 1990 by Lowe Enterprises, recently announced its rebranding as Broadshore Capital Partners, to be launched in 2019.
JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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