Home Finance Abacus Capital Spends $92MM on 316-Unit Everett Apartment Community

Abacus Capital Spends $92MM on 316-Unit Everett Apartment Community

The Winsley Everett Abacus Capital Group Blackstone Snohomish County Security Properties Clarion Partners Jackson Square Properties LivCor

By Vladimir Bosanac

There has been a healthy amount of interest in Everett apartment communities in the last year or so, and a $92 million sale that was just recently recorded is an indication that it will continue in the near term, as well. In a transaction that closed today, an entity associated with New York-based Abacus Capital Group purchased the 316-unit The Winsley apartment community located at 9900 12th Ave. W in Everett at a price of $291,139 per unit. The seller was an entity associated with Blackstone, according to public documents. This company owned the property since December of 2017, when it paid $67.7 million for the asset.

The Winsley was developed in 1991, and the property features a mix of one-, two- and three-bedroom units that range in size from 727 square feet to 1,339 square feet. Rental rates in the community, according to apartments.com, range from $1,394 to $3,428 per month.

Everett has been evolving quickly due to the region’s economic growth over the last decade. While the city has been known primarily for its industrial heritage, the towns surrounding it as well as the neighborhoods in the city have attracted a new crop of workers tied to the expanding technology companies to the south. Residential development across Snohomish County has also driven investors from all parts of the country to look for multifamily deals. Just this year, in a $31 million deal, Woodbrook Investment Partners sold the 100-unit Woodbrook to Amoroso Companies at $312,750 per unit. In May of 2022, Clarion Partners spent $75.5 million, or $375,621 per unit, to buy the 201-unit Charter Club Apartments in Everett, and Seattle-based Security Properties deposited $120 million, or $340,909 per unit, to acquire the 352-unit Olin Fields Apartments from San Francisco-based Jackson Square Properties.

The Winsley is located in the Westmont-Holly neighborhood of Everett next to the Walter Hall Golf Course. It is just two blocks from the city’s busy Evergreen Way, the main thoroughfare in Everett that features a number of retail and other services. The property is also adjacent to the Mukilteo School District Office and next to ACES High School, Explorer Middle School and Challenger Elementary School. 

The property is rich in amenities. It offers a pool and a resident clubhouse. The units have in-home washers and dryers, carpeting and private entry. 

Abacus Capital is a New York-based private real estate investment firm founded in 2004 with a singular focus on multifamily investments in the United States, according to the company’s website. Since its inception, the company has made 114 investments worth $1.7 billion. Its portfolio is spread out across the country, and in the Pacific Northwest, the company has made investments in Seattle, Bellevue, Renton, Portland, Tigard, Gresham and Tualatin. 

Blackstone, through its partnership with LivCor and Revantage, both entities listed on the public documents reviewed by The Registry, owns and operates apartment communities across the country and globally. The company is an active player in the Puget Sound commercial real estate market and through its various funds invests broadly across the region.