Sagard Real Estate (SRE) has acquired 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 and 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.
“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 and senior portfolio manager at SRE.
Built in 1991, the property spans approximately 10 acres and consists of 20 buildings totaling 222 units. SRE plans to upgrade a portion of the units which remain in original condition. The transaction further expands Sagard Real Estate’s presence in the Pacific Northwest.
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