Final sale at Kirkland Urban nets nearly $90M for original 3 developers
The Uptown at Kirkland Urban apartments, at 550 Uptown Court, recently sold for $89.5 million, according to King County records. The buyer was WA Kirkland Uptown LLC, associated with Weidner Apartment Homes, which is based nearby in Kirkland. It’s the four-year-old building’s first sale. It’s also part of the larger 12-acre Kirkland Urban campus.
Brokers were not announced. The deal was worth about $587 per square foot.
The seller of record was Kirkland Urban I Holdings LLC. That’s a venture of Talon Private Capital, Ryan Cos. and PGIM, which in a larger 2007 deal acquired the old Kirkland Parkplace shopping mall for nearly $60 million. They later developed different portions of the land in phases — mostly with offices.
From those three partners, Google previously acquired everything but the apartments: two completed buildings, one now nearly complete and the site for a possible fourth building. Those deals, in 2019 and 2020, were worth about $475 million. The three original partners have now exited their investment, which transformed that part of downtown. The diverse retail includes a nice new QFC, in one of the Eastside’s most walkable neighborhoods.
Developed in 2018, the six-story luxury apartment building has 185 units, plus 2,097 square feet of retail. (Dough Zone occupies the latter.) There are 278 underground parking stalls. Weber Thompson designed the project, with Ryan as the builder.
Weidner said in a press release that the Uptown deal marked its fourth investment in Kirkland. The firm invests elsewhere on the West Coast as well. In the greater Seattle and Eastside region, it now has some 6,705 units
Units run from one-bedrooms to large townhouse-style units. King County says they average around 813 square feet. Monthly rents run from $4,100 for a two-bedroom, with 1,166 square feet, to a 645-square-foot one-bedroom, which goes for $2,655. Amenities include a gym, lounge, work-from-home stations and large roof deck.
On the entire campus, residents will also have easy access to Chainline Brewing, Mud Bay, Top Golf, Shake Shack, Walla Walla Clothing Co. and many more eateries and shops.