Wellington was acquired as part of a 14-property multi-state portfolio. The property is located in the lifestyle submarket of Silverdale, which is accessed via ferry from downtown Seattle. The local economy is driven by retail, health care, and professional military (as opposed to infantry). Harrison Medical Center, the largest hospital on the peninsula, is located in Silverdale and is currently undergoing a 520,000 SF, $240 million expansion. Wellington residents enjoy southern views of the Puget Sound as the community was built on a hillside. TruAmerica will elevate the status of this community and position it amongst the better rental options in the City by spending $3.4 million in various interior and exterior renovations.
The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.
Located in the heart of downtown Silverdale, The Wellington is less than a half mile from shopping, dining, and entertainment. One mile from Highway 3 and minutes from from Bangor and Puget Sound Naval Shipyard, for easy access to work, or the Bremerton and Bainbridge Island Ferry Terminals.
- 24-hour fitness center
- Swimming pool
- TV lounge
- Off-leash dog park
- Covered parking
- On-site maintenance