December 4, 2019 Comments (0) Views: 394 Seattle & Pacific Northwest News, Seattle News, Top Seattle

Guardian Life Divests Eastside MF for Nearly $102M

Canadian REIT RISE Properties Trust acquired Salix Juanita Village, a 211-unit mixed-use community in Kirkland, WA from Guardian Life Insurance Company of America for $101.5 million. The property at 9740 N.E. 119th Way is part of the Juanita Village master- planned community, offering dozens of shops and restaurants, and quick access to the beach and parks.

RISE’s Jason Murray says, “Salix represents the first close-in Eastside asset that RISE will acquire this year. Built in 2005, Salix is relatively dated compared to new-product finish levels, and is ripe for renovation of its unit interiors, common areas, and a marketing refresh.”

The new owner plans to leverage the properties’ nine-foot ceilings, large windows, unique urban townhomes, 20,891 square feet of retail and ‘micro-urban’ location. Murray also notes “Salix will be re-positioned as premier product, nearly indistinguishable from new construction, in an excellent Kirkland area.”

JLL’s David Young and Corey Marx brokered the deal.

Connect With RISE’s Murray

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