By Jack Stubbs
On Friday, August 24th, Everett, Washington-based Coast Equity Partners acquired the Collins Junction Apartments in Lynnwood for $37.75 million, or approximately $224,702 per unit, according to public records filed with Snohomish County. The seller of the property was Grosvenor Americas.
Neither the buyer nor the seller—who acquired the property for $27 million in April 2016—could be reached for comment in time for the publishing of this story. Giovanni Napoli, Philip Assouad and Ryan Dinius with Kidder Mathews’ multifamily team sold the property.
The Collins Junction Apartments, located at 4727 200th St SW, is a 168-unit transit-oriented apartment community in Lynnwood. The property offers a mix of one-, two- and three-bedroom units that range from 600 to 1,300 square feet, according to the web site for the property. Some of the in-unit amenities include a fireplace, walk-in closets, double-paned windows and patio/balcony. The apartment complex also includes a heated outdoor pool, resident found and clubhouse and a new fitness center.
The property sits in the heart of Lynnwood and is adjacent to the Lynnwood Square Shopping Mall. Additionally, the transit-oriented complex is right across the street from the Lynnwood Transit Center and the underway 8.5-mile Lynnwood Link Light Rail Extension. When service at the station begins in 2024, riders will be able to get to the University of Washington and downtown Seattle in less than half an hour and Sea-Tac Airport in approximately one hour, according to Sound Transit’s web site. The property is also approximately 2.5 miles north of Mountlake Terrace and about two miles from access to the intersection of I-405 and I-5.
According to Kidder Mathews’ listing for the Collins Junction Apartments, the property also occupies a prominent location in the North End area of Snohomish County. The asset is approximately 15 minutes from both Boeing’s main production facility in Everett—which employs 30,000 workers—and Bothell’s life science employment hub, which is home to 20 percent of Washington’s life science companies and supports over 25,000 biotech, engineering, computer and telecommunication jobs. The property is also 25 minutes north of Microsoft’s headquarters in Redmond, which is home to 34,000 employees.
Coast Equity Partners works with investors to acquire, reposition, and operate apartment communities in select markets across the Pacific Northwest, according to the company’s web site. The company focuses on underperforming multifamily properties in strong markets characterized by positive job and wage growth, a diverse economy and an undersupply or balanced supply of new construction. Coast Equity Partners also looks to improve and reposition its investments by focusing on improved property management and providing enhanced amenities or unit upgrades for residents.
Grosvenor Americas owns and develops retail, commercial, residential and mixed-use properties and has national offices in Calgary, Vancouver, San Francisco and Washington, D.C.