US real estate investor and operator Waterton has acquired a 386-unit garden-style apartment community in Edmonds, Washington.

IPE Real Assets understands that the Brackett Apartments community in Seattle was sold for $124m (€107.5m).

Originally built in 1987, the Brackett Apartments asset comprises 23 three-storey residential buildings and two clubhouses across 22 acres.

Waterton said the acquisition of the rental apartment community, located at 9501 244th St SW, brings its holdings in the Seattle metro area to 1,331 units.

Kevin Ibasco, senior vice president of acquisitions at Waterton, said: “Brackett presents a rare opportunity to acquire a multifamily property in the desirable waterfront neighbourhood of Edmonds, WA. 

“The asset is well-located in a strong school district, and offers convenient access major employment hubs, transportation nodes and a variety of lifestyle amenities.”

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