By Jack Stubbs
As the Puget Sound region’s multifamily market continues to expand, investors are looking further afield to acquire in-demand properties. On Friday, October 5th, the The Woodlands in Snoqualmie Ridge Apartments in Snoqualmie traded for $40 million, or approximately $400,000 per unit, King County records show. The buyer, Woodlands Townhomes LLC, shares the same address as Northport Realty LLC, a real estate services company based in Long Beach, California. The seller was Evergreen Housing Development Group, an owner and developer of multifamily properties based in Seattle.
The three-story Woodlands in Snoqualmie Ridge property, located at 34626 SE Swenson Drive, was built in 2015 and contains 100 units. The complex offers a mix of two- and three-bedroom luxury townhomes that range between 1,289 and 1,516 square feet, according to the web site for the property. Some of the prominent in-unit amenities include hardwood plank-style flooring, granite surfaces and private patio/balcony, and the community also offers a resident clubhouse with fireplace lounge and an exercise room.
The web site also highlights the property’s location just steps from the Snoqualmie Ridge Trail System and with easy access to I-90 roughly two miles away. The property is also within walking distance of various restaurants, parks and shops at the Snoqualmie Ridge Town Center.
The property is approximately three miles west of downtown Snoqualmie and less than ten miles from Tiger Mountain State Forest. The asset is also roughly nine miles east of Issaquah and approximately six miles from the city of North Bend to the south.
Founded in 2005, Evergreen Housing Development Group owns, develops and constructs multifamily real estate properties, focusing on developing rental communities in land-constrained and underserved markets throughout the Pacific Northwest, according to the company’s web site. Evergreen has a current portfolio, pipeline and track record of 2,700 units valued in excess of $400 million.
Some of Evegreen’s other Puget Sound region multifamily properties include the 94-unit 575 Columbia Property in Richland, Wa; the 59-unit Windham Apartments in Seattle; and the 152-unit Meadow Park property in Kennewick.
There have been a number of sales around Snoqualmie in recent months, indicating that investors continue to eye areas around the King County city with interest. On September 17th, San Francisco-based FPA Multifamily purchased the 233-unit Rock Creek Ridge Apartments—located at 1525 Rock Creek Ridge Blvd. SW in North Bend—for $82 million, or approximately $351,931 per unit, from California-based apartment developer Braddock & Logan Homes. In early May 2018, Michigan-based Boyne Resorts acquired six mountain resorts, including the The Summit at Snoqualmie ski resort about half an hour south of the Snoqualmie Ridge property, for $26.1 million from New York-based Oz Real Estate. In mid-June, Snoqualmie Parkway Holdings LLC spent $16 million on the Nexus at Snoqualmie Ridge Building A property, located at 8226 Bracken Place SE, from Nexus Snoqualmie LLC.