December 4, 2019
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.
For comments, questions or concerns, please contact Dennis Kaiser