(EDITOR’S NOTE: According to Snohomish County public records, the asset sold for $15.45 million, or about $211,643 per unit. The deal was finalized at the end of November.)
Columbus – CORE Real Estate Capital (“CREC”) and Westland Investors (“Westland”) announced they have jointly acquired Terra Verde Apartments, a 73-unit, Class-B multifamily community located in the Seattle suburb of Everett, WA. Terms of the transaction were not disclosed.
With more than $1.2 billion of real estate assets under management, CREC specializes in multifamily real estate investments in secondary and tertiary cities throughout the United States. Westland, based in Portland, OR, is a leading multifamily operator and developer.
Over the next two to three years, the new owners expect to complete a $1.5 million capital-expenditure and management-improvement program to rebrand the complex, remediate deferred maintenance, renovate common areas, and remodel unit interiors and amenities, in an effort to make the property more marketable to existing and prospective residents within the surrounding area.
Located at 1415 W. Casino Road, the property lies approximately 30 miles north of downtown Seattle, with convenient access to nearby jobs, retail establishments and entertainment. The Seattle metro area has seen an approximate 30% population growth over the past 20 years, and the town of Everett is benefitting from migration trends driving relocation from the urban core to more affordable suburban locations. Renovated by a prior owner in 2008 as part of an initiative to transition to condominiums, 65 units are currently rental apartments while eight are independently owned and not part of this acquisition. The rental units at Terra Verde were 100% occupied as of the date of acquisition.
“We continue to be confident in the multifamily sector of commercial real estate, and this property represents a solid addition within our second fund. Seattle has favorable economic and demographic fundamentals, and we see a compelling value-add opportunity at Terra Verde,” said Eric Henrickson, Vice President of Acquisitions at CREC. “We believe that, together with our partners at Westland, we can transform this community into a market-leading option for the growing number of residents in the Everett area.”
CORE Real Estate Capital (CREC) is a private commercial real estate investor. Based in Columbus, Ohio, the firm invests through institutional funds and private placements and has more than $1.2 billion of real estate assets under management. The firm specializes in the multifamily, hotel and senior housing sectors in secondary and tertiary cities throughout the United States. Since CREC’s inception in 2001, it has completed 53 investments across 18 states.
Westland Investors’ focus for more than 40 years has been primarily in multifamily housing in the US Pacific Northwest with over 600 units and $250,000,000 under management. In addition, they own and operate a dedicated in-house property management company, Centro Management, allowing for end-to-end service.