SAN FRANCISCO, CA - CBRE Capital Markets has arranged the financing on behalf of Bell Partners for the acquisition of the Aura Totem Lake Apartments in Kirkland, Wash. Bell Partners acquired the property in a sale that closed April 29. Andrew Behrens, Jesse Weber, Scott Williams and Robert LaChapelle with CBRE’s Debt & Structured Finance group arranged the loan.
“Buoyed by the continued proliferation of major tech employers, the Eastside of Seattle is a global innovation center experiencing tremendous economic and demographic growth. Aura Totem Lake sits at the nexus of this growth, and its high-end finishes and location within the beautiful Village at Totem Lake master-planned center position the community well for renter demand going forward,” said Paul Haviland, Vice President of Investments, Bell Partners.
Completed in 2020, Aura Totem Lake is a 202-unit luxury apartment community within The Village at Totem Lake, a 360,000-square-foot mixed-use lifestyle center home to restaurants, retail, a movie theater and multiple grocers. Residential amenities include a fitness center, three elevated courtyards, a saltwater pool, spa and electric vehicle charging stations.
The apartments are situated on the top three floors of a seven-story tower and include studio, one- and two-bedroom floor plans with an average unit size of 689 square feet. The acquisition also includes 239 parking stalls on the buildings third and fourth floors.
Located at 12655 120th Avenue NE, the building is just off I-405 on Seattle’s Eastside, an area that has remained resilient amid the pandemic. Despite a national slowdown in office leasing, the Eastside continued to attract top companies, signing 2.6 million sq. ft. of new big block leases in 2020, according to CBRE research.
“Seattle’s Eastside has been a hotbed for tech company expansion in recent years. These well-paying jobs are fueling demand for multifamily product like Aura Totem Lake, which combines luxury living with a convenient location surrounded by retail and entertainment,” said Jesse Weber, vice chairman, CBRE.