LAKESIDE MULTIFAMILY COMMUNITY IN SEATTLE MSA
Investment Overview
Waters Edge is a 304-unit multifamily community centrally located in Kent, Washington, within 30 minutes of downtown Seattle or downtown Bellevue. This institutional quality asset is situated in the desirable Lakes Master Planned Community, which consists of higher-end single-family residences, condos, and apartments intertwined with lakes, the Green River, trails, and parks. Waters Edge features its own lake with a fountain and walking bridge offering some of the units waterfront views. The low-density community has been meticulously maintained and is comprised of 31 residential buildings and a central clubhouse on almost 18 acres.
The community is conveniently located at the confluence of Puget Sound’s main freeways and arterials with easy access to Interstate 5, State Routes 167, 181, 509, and 516 providing one of the best access points to the region’s major employment centers. Downtown Seattle, the Eastside, Renton, Kent Valley, and SEA International Airport are all five to 30 minutes away. The Kent Transit Center and Sounder Commuter Train are within two miles of Waters Edge, offering bus and rail access into downtown Seattle.
Waters Edge is also located near several major retail destinations and lifestyle amenities. Kent Station, a 20-acre mixed-use development with open-air shopping, dining, and office space is only five minutes away. Kent Station operators include an AMC Theatre, Duke’s Seafood, Mama Stortini’s, LOFT, Road Runner Sports, and much more. A pedestrian boardwalk through Kent Station extends to Kent Transit Center making it easy to commute to downtown Seattle.
Executive Highlights
Value-Add investment
opportunity
Ability to capitalize on rentable upside by completing renovations to achieve a contemporary and harmonized standard, aiming to optimize rental income at the property. A significant portion of the units have undergone renovations throughout the years, with approximately 60% being renovated five years ago or more.
Located in a master
planned community
Institutional quality asset situated in the desirable Lakes Master Planned Community, which consists of higher-end waterfront single-family residences, condos, and apartments intertwined with lakes, the Green River, trails, and parks.
well-maintained
asset
Meticulously maintained grounds showcase a grand community lake with water fountain at the front entrance. Sprawling green lawns and mature trees can be found throughout the low-density community, adding to its natural beauty.
easy access to major
employment hubs
Centrally located from the main employment hubs of downtown Seattle, Bellevue, and the Eastside (25 to 30 minutes). Kent Valley, Renton, and SEA International Airport are all within 20 minutes. The Sounder Commuter Train offers a convenient commute into downtown Seattle with the Kent Station less than two miles from Waters Edge.
strong submarket growth
Kent has historically experienced strong population growth throughout its history, surpassing that of the surrounding region, primarily due to its centralized location and suburban amenities. Over the past decade, its population grew by 40%, compared to 14% for the Seattle MSA. By 2027, Kent’s population is expected to grow by another 6.5%.
housing affordability
The average single-family home price in South King County is $683,635, making homeownership twice as expensive than renting at Waters Edge. As interest rates continue to climb and housing supply remains low, housing affordability continues to remain unfavorable.
Community Amenities
Newly updated resident lounge with fireplace and kitchenette
Contemporary fitness center with cardio equipment, free weights, and Peloton® bikes
Heated outdoor pool and spa
Low-density park-like setting on almost 18 acres
Community lake with fountain and walking bridge
24-Hour Package Lockers with Amazon Hub
Children’s playground and fenced dog park on-site
Apartment Finishes
Spacious one-, two-, and three-bedroom homes averaging ±879 square feet
Classic, cherry, espresso, and white finish levels
Stainless steel appliances in select homes
Hardwood-inspired flooring and plush carpet
Wood-burning fireplaces with brick mantels in select homes
Oversized laundry rooms in select homes
Private balcony or patio with storage closet off each home