By Jack Stubbs
On Tuesday, December 11th, an apartment complex in Lynnwood, Washington sold for $10.6 million, or approximately $165,625 per unit, Snohomish County records show. The buyer was Highlander Apts. LLC, an entity affiliated with MC Investment Partners LLC based in La Jolla, California. The seller was Abulhosn Family II based on Mercer Island.
The two-story Highlander Apartments, located at 16101 36th Ave. W., was built in 1979 and contains 64 units, according to the property listing on apartments.com. The asset features high-speed internet access, fireplace and air-conditioning. Located in the Picnic-North point neighborhood of north Lynnwood, the property is approximately one mile north of Alderwood Mall and approximately three miles northeast of downtown Lynnwood via State Route 99.
The Highlander apartment building is also located in close proximately to several other apartment complexes including the Seasons Apartments, the Orchard Ridge Apartments and the Avana One Six Four Apartments. According to apartments.com, rents for similarly-sized apartments in the neighborhood range from studios to four-bedroom units that rent for between $1,295 and $2,150.
Along with the recent sale of the Highlander property, Lynnwood saw a couple other multifamily properties change hands in late August. On August 24th, Everett-based Coast Equity Partners acquired the 168-unit Collins Junction Apartments in Lynnwood for $37.75 million, or approximately $224,702 per unit, from Grosvenor Americas. And on August 30th, Freshwater Investments acquired the 100-unit Bradford Park Apartments—located at 16604 48th Ave. W.—for $24.6 million, or roughly $246,000 per unit, from San Francisco-based Hamilton Zanze.