Home Finance 164-Unit Apartment Building in Lynnwood Trades in Equity Deal Worth $55MM

164-Unit Apartment Building in Lynnwood Trades in Equity Deal Worth $55MM

Woodcreek Apartments, TLUS RISE Picnic Point Limited Partnership, Snohomish County, Lynnwood, RISE Properties (Woodcreek) Limited Partnership, RISE Properties Trust, Seattle, Puget Sound, Paine Field-Lake Stickney, Paine Field, Everett, Boeing

By Kate Snyder

A Canadian real estate investment trust that has been involved in a number of transactions in the Puget Sound region has recently recorded what appears to be an equity deal for a multifamily community in Lynnwood. Woodcreek Apartments was purchased for $55 million – or approximately $335,365 per unit – by TLUS RISE Picnic Point Limited Partnership, according to Snohomish County property records. The seller was listed as RISE Properties (Woodcreek) Limited Partnership, and both the buyer and seller are affiliated with RISE Properties Trust.

Woodcreek Apartments is located at 14611 Admiralty Way and houses 164 one-, two- and three-bedroom units. The three-story building was constructed in 2000 and was recently renovated, according to the property’s website. Units range from 796 to 1,213 square feet and amenities feature extra storage, gas fireplaces, large closets and patios/balconies. Every home also includes a full-sized washer and dryer as well as big windows to let in the light. Private garages with remote garage door openers are also available to residents. Community amenities include a sauna, courtyard, business center, basketball court and fitness center.

According to Apartments.com, the property site is located within Paine Field-Lake Stickney, a neighborhood about eight miles south of downtown Everett that offers a mix of industrial, commercial and residential areas. Paine Field is a large industrial airport primarily used by Boeing’s manufacturing plant that covers much of the neighborhood’s northwest end. Restaurants, stores, grocers and parks also populate the area along with residential areas. Interstate 5 runs through Paine Field-Lake Stickney, and both Highway 525 and Highway 99 are also nearby.

RISE Properties Trust specializes in the acquisition of underperforming apartment rental communities in strong U.S. markets, with a primary focus in the Pacific Northwest, according to the firm’s website. The company’s property management team manages more than 15,000 total apartment homes, and RISE has renovated thousands of homes with more than $100 million invested. The RISE portfolio includes 6,800 apartment homes in the greater Seattle and Portland areas.