JRK Property Holdings, based in Los Angeles, recently bought Santa Fe Ridge Apartments, its second multifamily property in Silverdale, Wash., a Seattle submarket. The off-market purchase from an anonymous seller increases JRK’s holdings in the Seattle MSA to over 1,400 units. Silverdale is located across Puget Sound from Seattle and can be reached by car and/or ferry boat in about 90 minutes.
Courtesy JRK Property Holdings
Indoor pool at Santa Fe Ridge Apartments
“Santa Fe Ridge presents an exciting opportunity for JRK to expand its existing portfolio in the Seattle market, where we’ve had tremendous success in the past,” said JRK senior vice president James Bloomingdale, who heads the firm’s acquisition efforts. “The Kitsap Peninsula, and Silverdale in particular, benefits from a strong local economy anchored by the largest naval base in the Pacific Northwest. In addition, supply has not been able to keep up with demand for rental product, thanks to the region’s desirability and relative affordability. As a result, the submarket continues to experience high occupancy and strong rent growth.”
The Santa Fe Ridge property was built in 1991 and sits on a hillside overlooking Old Town Silverdale and the Dyes Inlet of the Puget Sound. JRK intends to complete some interior renovations to the one-, two-, and three-bedroom units that were originally started by the seller. The new owner also plans upgrades to the indoor swimming pool and spa, the fitness center, and the community lounge. The property includes indoor racquetball and basketball courts, a tanning salon, a dog park, and a children’s playground.
This is JRK’s fourth investment in the greater Seattle area. Its local portfolio includes the 225-unit Trillium Heights located less than a mile from Santa Fe Ridge Apartments, the 714-unit Boulders at Puget Sound in Tacoma, and Carroll’s Creek, a 288-unit townhome community in Marysville.