By Jack Stubbs
ColRich Multifamily, a San Diego-based real estate development and investment firm that operates across the Western U.S., recently made moves to expand its Puget Sounds region portfolio. On February 21st, the company acquired the Park120 Apartments in Everett for $40.25 million, or approximately $162,955 per unit, according to public records filed with Snohomish County.
The seller of the property was Los Angeles-based TruAmerica Multifamily, an investment firm that focuses on acquiring, renovating and managing multifamily properties across the Eastern and Western U.S.
The Park120 Apartments, located at 120 W Casino Road in the Casino Corner neighborhood of Everett, is a two-story property—constructed in 1969 and renovated in 2018—that contains 247 units, according to the property listing on apartments.com. Park120 offers a mix of one- and two-bedroom units that range from 651 to 986 square feet and rent for between $1,145 and $1,385, according to the property’s web site. The apartments feature individual climate control and private patio/balcony, and some of the community amenities available tor residents include a business center, clubhouse, and fitness center.
The asset occupies an ideal location in the heart of Everett, in close proximity to I-5, State Route 99, and is also less than two miles from Boeing’s Everett Facility, which is one of the aerospace company’s largest hubs. Boeing’s Everett Site is heralded as having the largest manufacturing building in the world, producing the 747, 767, 777, and the 787 airplanes, according to the company’s web site. Originally built in 1967 to manufacture the 747, the main assembly building has grown to enclose 472 million cubic feet of space over 98.3 acres.
Roughly twenty miles north of downtown Seattle, Park120 is also roughly two miles from the soon-to-be-operational Paine Field Airport located at 3220 100th St SW. The majority of commercial passenger flights will begin out of Paine Field sometime in Spring 2019.
ColRich Multifamily currently manages a portfolio of approximately 11,000 units across the Western U.S., according to the company’s web site, and has successfully acquired, developed and managed more than 12,000 apartments multifamily residential units in seven states.
Along with the recently-acquired Park120 Apartments, the company’s other assets in the Puget Sound region include the 36-unit Albers Mill Lofts, the 163-unit Vue25 Apartments and the 78-unit Chelsea Heights, all located in Tacoma. RolRich also owns the the 120-unit Arterra Apartments—located at 711 W Casino Rd., in close proximity to Park120—which the company acquired in July 2016 for $18.4 million, or $153,333 per unit, from Jackson Square Properties.
Founded in 2013, TruAmerica Multifamily looks to reposition Class B apartment communities that represent a value-add proposition for investors. Since the company’s founding, it has acquired 102 properties and has 155 assets under management, according to the company’s web site.
The company’s Washington portfolio includes eleven properties comprising 2,418 units. Some of these include the 190-unit Westhaven Apartments in Seattle; the 316-unit Walden Pond Apartments in Everett; and the 260-unit The Commons property in Federal Way.