KIRKLAND, WA-The 161-unit Tara Apartments here has sold for $31 million. A separate account client of Morristown, NJ-based SSR Realty's Multi-Housing business unit acquired the Downtown property from an affiliate of SECO Development Inc.
The property is located at 528 Central Way, about one-quarter mile west of Interstate 405. Completed in 2000, the complex consists of three four-story buildings over two levels of subterranean parking and 6,800 sf of street-level retail space.
The property offers studio, one-, two- and three-bedroom apartments, some of which have views of Lake Washington, the Olympic Mountains and the Downtown Seattle skyline. All units have high-end kitchen appliances, full-size washer/dryers and have either a patio or deck.
The property's occupancy at the time of sale was not immediately available. Metric Property Management, a subsidiary of SSR Realty, will manage the complex. Dale Gruen, a senior portfolio manager for SSR Realty, says the unnamed client acquired the property for “its convenient location and Kirkland's high barriers to new development.”
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