Home Finance Clarion Partners Acquires 201-Unit Apartment Complex in Everett for $75.5MM 

Clarion Partners Acquires 201-Unit Apartment Complex in Everett for $75.5MM 

Everett, Charter Club Apartments, Clarion Partners, Bel Snohomish Holdings, Eaton Vance Management, Silver Lake, RiverPoint Corporate Center

By Catherine Sweeney

Clarion Partners is growing its presence in the Pacific Northwest, recently acquiring the Charter Club Apartments in Everett. According to records filed with Snohomish County, the 201-unit apartment complex was acquired for $75.5 million, or about $375,621 per unit. The seller in the transaction was Bel Snohomish Holdings LLC, an entity linked to Boston-based Eaton Vance Management. 

The Charter Club Apartments, located at 1701 121st Street SE, offers a mix of one-, two- and three-bedroom unit types ranging in size from 535 to 1,200 square feet. 

As well as apartment units, the property offers a number of community spaces, with amenities including a pool, spa, fitness center, racquetball court and cubhouse. 

Additionally, the property is situated overlooking Silver Lake. It is also a short commute to Interstate 5, providing easy access throughout the rest of the Puget Sound region. 

“Stretched along I-5, about 25 miles north of Seattle, Everett is home to a Boeing plant as well as the largest public marina on the West Coast. Everett occupies a unique location with convenience to big-city amenities, beaches, and the mountains. You can just as easily take a drive to Downtown Seattle as you can to Jetty Island or Mount Pilchuck State Park,” the property’s website states. 

The apartment complex is one of several purchases made by Clarion Partners in the Pacific Northwest over the past several years. Most recently in March, the New York-based investment company purchased the RiverPoint Corporate Center for $18.02 million, or about $174 per square foot. In December, the company also spent $105 million, or $239 per square foot, on a newly completed industrial asset – totaling 438,065 square feet – in Puyallup. 

Clarion Partners was founded more than 40 years ago. Since then, the real estate investment and development company has grown its global portfolio to include 1,400 properties across 78 markers. Of its total properties, the company’s multifamily portfolio spans 35,684 units. Currently, the company has $75.9 billion worth of assets under management with an additional $30 billion in its investment pipeline.