By Jack Stubbs
A 148-unit retirement community in Snohomish County yesterday changed hands for a hefty sum.
On Tuesday, April 3rd, the Garden Court Retirement Community in Everett sold for $49.7 million, or approximately $335,810 per unit, according to public records filed with Snohomish County. The buyer, Garden Court Owner LLC, shares the same address as Chevy Chase, Maryland-based Artemis Real Estate Partners, a real estate investment management firm that invests in multifamily, office, industrial, retail, hospitality and senior housing properties across the U.S. The seller was Everett, Washington-based Metco Management Group, a property management company, according to owner Richard Mietzner.
The Garden Court Retirement Community, located at 520 112th St. SW., contains 148 units and offers a variety of studio, one-bedroom and two-bedroom apartment layouts, according to the property’s web site. The studios are 458 square feet and the one-bedroom units are 649 square feet, while the two-bedroom units range from 892 to 1,387 square feet.
Some of the in-unit amenities include walk-in closets, full kitchens and in-unit washer/dryer. Some of the community amenities include an exercise room, theater, library, salon/barber shop and outdoor space that includes a protected wildlife sanctuary. The facility also offers a variety of independent and assisted living services to its residents.
The property is located approximately seven miles south of Everett and about two miles to the southeast of Everett Mall, a 673,000 square foot shopping complex. The facility is roughly three miles to the west of Silver Lake and about the same distance from Paine Field Airport. Additionally, the property is approximately 3.5 miles from access to Washington State Route 525 and one mile from I-5.
Founded in 2009, Artemis Real Estate Partners has raised over $3.3 billion of investor equity and focuses solely on commercial real estate in the U.S., according to the company’s web site. Artemis operates three separate funds: emerging manager vehicle, value-add opportunistic fund and a healthcare fund.
The company’s Healthcare Fund I is a $475 million core-plus commingled real estate fund that closed in July of 2017, according to its web site. The fund invests in equity and debt across the healthcare sector, in properties including independent living facilities, assisted living and memory care facilities, skilled nursing facilities and medical office buildings.