Chelsea Court Apartments

JLL, as exclusive advisor, is pleased to present the outstanding opportunity to acquire Chelsea Court, an apartment community located in the heart of Kenmore, WA.

Built in 2005, Chelsea Court (the “Property or “Subject,”) is a 41-unit garden-style apartment community consisting of two one-bedroom units and 39 two-bedroom two-bathroom units. Future investors stand to benefit from the value-add potential of the Property, as 33 of the units (80%) remain in classic condition. Current ownership has implemented a partial renovation scope on four units (10%) and a full renovation scope on another four units (10%). Based on the current rent roll, units that have received the full renovation scope are achieving premiums of $540 per month over classic units, allowing a future investor to achieve significant revenue enhancement from a proven renovation program.

Situated on NE 182nd Street in the heart of Kenmore, the Property offers residents exceptional connectivity with direct access to Interstate-405 and State Route 522. This strategic location provides seamless access to the greater Seattle metropolitan area’s major employment hubs, including nearby Bothell, Bellevue, and downtown Seattle. The local economy benefits from proximity to major employers such as Microsoft, Google, Amazon, and the University of Washington Bothell campus. Residents enjoy unparalleled access to the Pacific Northwest’s premier recreational destinations, including Lake Washington waterfront activities, the Burke-Gilman Trail, and the region’s extensive network of parks and outdoor amenities that define the coveted Eastside lifestyle. With median home prices in Kenmore exceeding $825,000, the Property provides an attractive alternative for residents seeking quality housing at a substantial discount to homeownership costs in this highly desirable market.