SEATTLE, WA – Sagard Real Estate (SRE), a leading U.S.-based real estate investment advisor and subsidiary of Sagard, a global multi-strategy alternative asset management firm, announced the acquisition of 18463 Blueberry Lane, a 222-unit garden-style multifamily community in Monroe, Washington, within the greater Seattle metro area.
The investment was made on behalf of Sagard Real Estate’s recently launched core-plus open-end fund, which targets seaport/last-mile industrial, workforce rental housing, and other niche property sub-sectors in supply-constrained, high-growth markets.
Located in Monroe, a growing suburb within the Seattle metro, the area benefits from strong demographic trends, relative affordability compared to core Eastside submarkets, and access to major employment hubs including Everett, Bellevue, Redmond, and downtown Seattle. The submarket’s population growth, coupled with a constrained supply base with limited new construction, continues to support healthy occupancy levels.
“The Monroe acquisition aligns well with our fund strategy, targeting submarkets supported by strong workforce rental demand and favorable market fundamentals,” said John Maurer, Head of Equity at Sagard Real Estate and Senior Portfolio Manager. “We believe this asset is favorably positioned to benefit from a structural need for a lower cost of housing while drafting off higher rents in the urban corridor,” added Tyler Williams, Co-Portfolio Manager at Sagard Real Estate.
Built in 1991, the property spans approximately 10.4 acres and consists of 20 buildings totaling 222 units, along with a standalone clubhouse and amenity space. Amenities include a fitness center, swimming pool, clubhouse, outdoor grilling areas, and landscaped open space. SRE plans to upgrade a portion of the units which remain in original condition.
The transaction further expands the fund’s diversified residential portfolio and Sagard Real Estate’s presence in the Pacific Northwest, underscoring conviction in high-growth suburbs of major coastal markets.