Home Finance Aukum Group Acquires the Waterstone at Silver Lake Apartments in Everett for...

Aukum Group Acquires the Waterstone at Silver Lake Apartments in Everett for $47.1MM

By Jack Stubbs

Aukum Group, a private real estate investment company focused on apartments in the western U.S., recently added a Washington property to its portfolio.

On Monday, January 29th, Larkspur, California-based Aukum Group acquired the 204-unit Waterstone at Silver Lake Apartments in Everett for $47.1 million, according to public records filed with Snohomish County. The selling entity of the property, Silverlake TIC-RH LLC, shares the same address as Everrett-based Metco Management Group, a property management company affiliated with Richard Meitzner. The transaction was recorded on January 30th.

Giovanni Napoli and Philip Assouad of Kidder Mathews represented the sellers in the transaction.

Aukum Group did not respond to calls for comment in time for the publishing of this story.

The three-story Waterstone at Silver Lake Apartments was built in 1989 and contains 204 units, according to the property listing on apartments.com. The property offers a mix of one- two- and three-bedroom units. The one-bedroom units are 748 square feet and rent for $1,225 and the two-bedroom units range from 949 to 1,011 square feet and rent for between $1,364 and $1,525. Finally, the largest units are 1,181 square feet, with rents between $1,599 and $1,829.

Some of the in-unit amenities available to residents include a fireplace, washer/dryer and patio/balcony, while some of the property amenities include a fitness center, clubhouse, media center, on-site maintenance services and outdoor courtyard area.

Located at 12115 19th Ave. SE., the apartment property is roughly seven miles to the south of Everett and approximately two miles north of Mill Creek. Additionally, the property is about two miles from access to Interstate 5 and four miles from the Paine Field airport.

The asset sits in close proximity to several other apartment complexes. The property is within a mile of the 139-unit Monterra in Mill Creek apartments, the 177-unit Gateway Apartments and the 196-unit Artesia apartments to the north.

Founded in 2009, Aukum Group partners with private accredited investors and select private equity funds to purchase apartment assets. Since its founding, the company has acquired approximately 4,850 apartment units and is actively managing a portfolio of over 4,000 units valued at over $750M, according to its web site. In terms of its acquisition strategy, the company targets mid-size, fast-growing metropolitan areas in the western U.S. including Denver, Phoenix, Portland, Salt Lake City, and Seattle.

Aukum captured another asset in the Puget Sound market in recent months. In October 2017, the company acquired the 174-unit Montclair Heights Apartments in Renton from Los Angeles-based TruAmerica Multifamily for $47.8 million.