Twin Lakes Apartments & Plaza_Property for Sale
Twin Lakes Apartments & Plaza_Property for Sale
3300 -3330 SW 320th Street, Federal Way, WA, 98023, US

Twin Lakes Apartments & Plaza

Asset description

JLL, as an exclusive advisor, is pleased to present the outstanding opportunity to acquire Twin Lakes Apartments & Plaza, an apartment community and retail complex located in Federal Way, Washington.


Built in 1968 and 2023 with exterior renovations ongoing since 2018, Twin Lakes Apartments (the “Apartments”) consist of 24 One-bedroom and 14 two-bedroom, units. The Apartments recently received exterior renovations including new siding on all buildings, replaced roofs on all buildings, renovated laundry facilities, and other capital upgrades leaving a new buyer uniquely positioned for revenue enhancement via upgrades to unit interiors. The Apartments are comprised of 4 buildings. Three of the buildings were constructed in 1968 (28 units) and one building was constructed in 2023 (10 units) following a fire at the Apartments.


The Apartments provide a potential buyer with proven value-add upside with renovated units achieving rents $238 higher than unrenovated units. In addition, all units are well-positioned for additional renovations above and beyond the current scope via a comprehensive renovation package.


Twin Lakes Plaza (the "Retail"), part of a dual-purpose property, boasts high visibility with over 15,000 daily vehicles and excellent accessibility. The area is characterized by affluent, well-educated households with an average income of $103,000, which is 10% higher than the state average. Coupled with a growing population driven by millennials relocating to suburban areas and the potential for raising rents to market levels, Twin Lakes Plaza offers a compelling value-add investment opportunity. Its high-visibility location, stable long-term tenants, and robust demographics make it an enticing prospect for investors seeking both short-term upside and long-term growth in the Puget Sound region.


Twin Lakes Plaza boasts a quality mix of retail tenants and is comprised of 13,442 square feet within five buildings. The convenient location of Twin Lakes Plaza, under 10 minutes from Interstate 5, offers easy access to the greater Puget Sound region and its employment hubs in both King and Pierce County. These include the thriving Kent Valley industrial corridor (over 250K jobs), Ports of Seattle and Tacoma (over 23K jobs), Joint Base Lewis McChord (54K jobs), and Downtown Seattle and Tacoma. The property is also located near an extensive variety of retail and entertainment destinations including the Commons at Federal Way, Pavilions Center, and Twin Lakes Village.

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Attributes

Units
38
Year built
1968
Building area net
3,642 sm
Land area gross
1.8 ha
Buildings
9
Zoning
RM-2400 & Neighborhood Business Zoning (BN)

Media

Investment highlights

Apartment Investment Highlights

  • Proven value-add upside with renovated units achieving $235 above classics
  • Opportunity positioned for immediate revenue enhancement from interior unit rehab. Siding, roofs, and other capital items have been recently completed
  • Situated in a low-density residential neighborhood with rents well-below mortgage payments for single-family homes
  • In-Migration, lack of new supply, and affordability bolster submarket fundamentals
  • Proximity to Seattle and Tacoma’s largest employment drivers


Retail Investment Highlights

  • Captive high-earner audience
  • Expanding population and evolving demographics
  • Below-market rents present value-add opportunity
  • High-visibility location with strategic accessibility
Twin Lakes Apartments & Plaza 4_Property for Sale
Twin Lakes Apartments & Plaza 4_Property for Sale

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Twin Lakes Apartments & Plaza (0 Properties)

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Last updated
Jul 12, 2024