Privately held real estate investment firm JRK Property Holdings has increased its multifamily portfolio in the Seattle MSA to more than 1,400 units with the off-market acquisition of Santa Fe Ridge Apartments in Silverdale, WA.

Built in 1991, the 240-unit garden style apartment community is located on a hillside lot at 1410 NW Santa Fe Lane overlooking Old Town Silverdale and the Dyes Inlet of the Puget Sound.   JRK will complete renovations to the one-, two- and three-bedroom apartment homes that were started by the seller.  In addition, JRK will make significant improvements to the community’s common areas and amenities including the indoor swimming pool and spa, fitness center and community lounge.   The property also includes indoor racquetball and basketball courts, tanning salon, dog park, and 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,” 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.”  

This is JRK’s second investment in Silverdale and its fourth in the greater Seattle area.  Its local portfolio includes 225-unit Trillium Heights located less than a mile from Santa Fe Ridge Apartments, 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 added.