Waterton, a national real estate investor and operator, announced it has acquired Brackett Apartments, a 386-unit garden-style apartment community in Edmonds, Washington.
“Brackett presents a rare opportunity to acquire a multifamily property in the desirable waterfront neighborhood of Edmonds, WA,” said Kevin Ibasco, senior vice president, acquisitions at Waterton. “The asset is well-located in a strong school district, and offers convenient access major employment hubs, transportation nodes and a variety of lifestyle amenities.”
Originally built in 1987, Brackett Apartments offers residents a classic Pacific Northwest experience with mature trees and landscaping throughout. Only 3 percent of the residences have been renovated, creating an opportunity for Waterton to implement a value-add renovation program to elevate apartment homes – which include in-unit washer/dryers and wood burning fireplaces – to a modern finish level. This includes the addition of stainless-steel appliances, new cabinet fronts and hardware, quartz countertops and new backsplashes. Residences will also be equipped with vinyl plank flooring in wet areas and new carpet, as well as new fixtures, hardware, blinds and refreshed paint. Floorplans at Brackett Apartments include one-, two- and three-bedroom options.
The pet-friendly community features two clubhouses and includes an outdoor pool and open-air hot tub, grilling stations, a fitness center, dog park, miniature golf course and wellness studio. Additionally, the firm plans to improve exterior aesthetics and landscaping, as well as reposition common area amenities.
Brackett Apartments is situated in a suburban setting surrounded by single-family homes in a strong school district. The community is proximate to several grocery stores and is a 10-minute drive to the shopping, dining and entertainment options of downtown Edmonds, as well as the Link light rail station. Nearby green spaces and Richmond Beach Park offer myriad options for residents to enjoy outdoor activities.
Waterton is a real estate investment and property management company with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value add and credit strategies and manages a national portfolio of properties on behalf of institutional investors, family offices and financial institutions. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of December 31, 2024, Waterton’s portfolio includes approximately $10.0 billion in real estate assets.
