Spencer 68

JLL, as exclusive advisor, is pleased to present the opportunity to acquire Spencer 68 (the “Property”). Comprised of 222 residential units built in two phases, 2015 and 2017, the Property is located in the heart of downtown Kenmore, Washington. Positioned minutes from Bothell’s growing biotech sector and under 25 minutes to Seattle, with easy access to Bellevue’s booming office market, Spencer 68 offers institutional-quality community amenities with unit interior value-add potential.

Minutes to Bothell’s Biotech and Aerospace Employers, with Seattle CBD and Bellevue’s Office Market—One of the Nation’s Most Dynamic—Under 25 Minutes Away

The Property sits at the north end of Lake Washington, with easy access to Seattle, Bellevue, Redmond, Kirkland, and Bothell — the Puget Sound’s largest employment hubs. Since 2020, Bellevue ranks second nationally in office absorption, trailing only Hudson Yards, while Bothell has emerged as a key hub for biotech and aerospace employers.

Institutional-Quality Apartment Community with Value-Add Potential

Spencer 68 represents a rare opportunity to acquire scale in Downtown Kenmore, where assets of this size and quality are scarce. The Property offers well-maintained, institutional quality real estate with thoughtfully designed spacious units and a comprehensive amenity package. The two-phase structure (2015 and 2017) creates a unique value-add opportunity, and the submarket’s suburban setting and proximity to the Eastside draw an affluent renter base well-positioned to absorb rent premiums through a targeted renovation.

Discount to Replacement Cost

The Property presents a rare acquisition opportunity to acquire an institutional-quality multifamily community in the north Lake Washington submarket at a significant discount to new construction costs, given the nearly 40% surge in Seattle MSA construction costs since 2020 and the increasing scarcity of development land.

Large Floor Plans Offer a Home Substitute at a Significant Discount Homeownership

Spencer 68 sits at the heart of downtown Kenmore, a city where median single-family home prices are nearly $1.2M. Despite attracting high household incomes, the gap between renting and owning remains substantial — renting at the Property runs roughly 73% below the monthly cost of a mortgage on a median home. The Property’s large unit sizes, averaging 923 SF, offer residents priced out of homeownership a genuine home substitute at a fraction of the cost of buying.

Abundance of Retail and Recreational Amenities Nearby

Spencer 68 sits in the heart of Kenmore’s thriving retail corridor along Bothell Way NE, within Kenmore Village’s downtown core, with shopping and dining ranging from Kenmore Village and Town Center at Lake Forest Park just minutes away, to The Village at Totem Lake, Alderwood, and Bellevue Square — one of the region’s premier shopping destinations — within a short drive. Outdoor recreation is equally accessible, from Kenmore Park and the Burke-Gilman Trail to Lake Washington’s waterfront, rounding out a lifestyle offering that pairs convenience with recreation for quality residents.

Explosive Rent Growth Potential

Strong fundamentals position the Kenmore submarket for sustained rent growth. Within a 3-mile radius, the affluent renter base, with median household incomes over $144K, captures overflow from saturated urban cores, offering a compelling cost advantage without sacrificing access to regional amenities. New supply remains remarkably constrained with only one project—a 143-unit development—currently under construction within the 3-mile radius. This combination of limited supply, high incomes, and accelerating population growth creates an ideal environment for meaningful rent appreciation.