Waterton, a US real estate investor and operator, has acquired Arrivé, a high-rise apartment community in Seattle’s Belltown neighbourhood.
The 344-unit acquisition includes the residential portion of the building, located on floors 11-42 above a hotel property. Waterton is planning a “light value-add programme” across the residences, common areas, amenities and hallways, the firm said.
Ben Slack, vice president of acquisitions at Waterton, said: “Arrivé’s location in the heart of Belltown puts residents within walking distance of Seattle’s largest employers, including Amazon, Google, and Apple, along with numerous restaurants, retail options, and nearby waterfront amenities that continue to drive renter demand.
“With its 2019 vintage, type-one construction, and standing as one of Belltown’s tallest residential towers, the property presents a compelling opportunity to leverage Waterton’s operational experience and execute a value add programme that will enhance the overall resident experience.”
Arrivé offers a mix of apartment homes including studio, one and two-bedroom apartments as well as five penthouse rental homes on the 41st floor featuring two-bedroom/two-bath and three-bedroom/three-bath configurations.
To improve the resident arrival experience, Waterton plans to reconfigure the lobby, establishing an “intuitive entry” for residents. Enhancements will include relocating the concierge desk for greater visibility and creating a welcoming environment through updated furnishings and finishes
The amenities at the property include a 42nd floor lounge with conversation and cafe seating, coworking spaces and a rooftop terrace with sweeping views of the surrounding vistas. The seventh floor features a fitness centre, a dog wash and a dog run. Waterton plans to activate underutilised spaces in the lounge and on the terrace by adding new furnishings, refreshed paint and greenery inside and out. The seventh-floor fitness centre will be upgraded with new equipment. There is onsite underground parking for residents.
Waterton, founded in 1995, focuses on US multifamily and hospitality properties across value add, core and credit strategies.
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