Home Finance 217-Unit Apartment Complex in Everett Trades for $38.6MM

217-Unit Apartment Complex in Everett Trades for $38.6MM

Everett, Marcus & Millichap, The Bluffs at Evergreen

Everett, WA, May 24,2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Bluffs at Evergreen Apartment Homes, a 217-unit apartment portfolio located in Everett, WA. The asset sold for $38,600,000 ($177,880 per unit). 

The Bluffs at Evergreen is an excellent value add opportunity located in Snohomish County and has been operating below the maximum rents allowable under the LIHTC Agreement with the Washington State Housing Finance Commission,” commented Timothy Ufkes, Senior Vice President Investments. Timothy Ufkes of the Ufkes Group in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by Timothy Ufkes, investment specialist in Marcus & Millichap’s Seattle office.  

The Bluffs at Evergreen Apartment Homes is located at 2 West Casino Road, Everett, Washington. The property was constructed in 1969 and placed in service in 2006 under the Section-42 LIHTC program. The property consists of one-, two-, and three-bedroom units.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.