Waterton has invested $63.5m (€59m) on behalf of its value-add US apartment fund to buy an asset in Seattle from Prometheus Real Estate.

According to people familiar with the matter, the real estate manager has acquired the 128 on State complex in Kirkland, Washington for the Waterton Residential Property Venture XIV fund.

The 1.5-acre apartment complex, developed in 2007, is currently 93% occupied. Waterton intends to renovate the asset and upgrade the residences.

The acquisition of the 123-unit apartment complex marks Waterton’s re-entry into the Seattle apartment market and also represents the manager’s first completed apartment transaction in 2023.

Waterton exited the Seattle market in May 2019 when it sold its Taluswood Apartments in Mountlake Terrace.

Kevin Ibasco, VP of acquisitions for Waterton, said: “We have always had Seattle as one of our targeted markets. We now think there is a window of opportunity to add some assets into our portfolio with some capital sources being on the sidelines.”

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