JRK Property Holdings, the Los Angeles-based real estate investment firm, announced Monday that they will be acquiring a 240-unit apartment community in Silverdale, increasing their total to more than 1,400 units in the area.
Santa Fe Ridge Apartments in Silverdale was built in 1991 and is located on a hillside lot overlooking Old Town Silverdale and Dyes Inlet of the Puget Sound. JRK announced they will complete renovations to one, two and three-bedroom apartments and also make “significant improvements” to the common areas and amenities, including the indoor swimming pools, spa, fitness center and community lounge.
The property also includes indoor racquetball, basketball courts, tanning salon, dog park and a children’s playground.
“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,” JRK senior vice president James Bloomingdale said in a press release. “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 products, thanks to the region’s desirability and relative affordability,” Bloomingdale went on to state. “As a result, the submarket continues to experience high occupancy and strong rent growth.”
This is JRK’s second investment in Silverdale and its fourth near the Seattle area. Its local complexes include the 225-unit Trillium Heights, located less than a mile from the Santa Fe Ridge Apartments, the 714-unit Boulders at Puget Sound in Tacoma, and Carroll’s Creek, a 288-unit townhome community in Marysville.
“We remain confident in the long-term outlook for multifamily in the Pacific Northwest and will continue to pursue additional ventures in the region in the future,” Bloomingdale concluded.