Fund II Purchases Lake City Seattle Mixed-Use Community
SARES•REGIS Multifamily Value-Add Fund II, L.P. (SRMF VA-II) is pleased to announce it has acquired Solara, a 2001-built, 238-unit Class B+ apartment community located in Lake City, a close-in North Seattle neighborhood with excellent local demographics. Residents within the community benefit from a WalkScore of 87, onsite retail and an incredible array of retail and dining options nearby and easy access to I-5 and Highway 99. Just north of downtown Seattle, Solara is convenient for commuting to every Seattle employment center, University of Washington, Lake Washington, University Village, Northgate Mall and the Burke Gilman Trail.
Job growth and population are booming in the Seattle MSA, causing demand and rent growth to skyrocket in a market that prefers urban, apartment living. Solara includes a competitive amenity package including underground parking, fitness and business centers, community gathering areas, a theater, and a dog park. Floorplans include studio, one, two and three-bedroom apartment layouts each with 9 foot ceilings, fully equipped kitchens, an electric fireplace and full-size washers and dryers. Select units include built-in computer desks and breakfast bars.
Solara is a unique asset that rivals its newer competitors in its exterior design and urban feel, yet it is in need of interior modernization and common area upgrades to capture the true rental income capabilities of this hot Seattle multifamily market.