Essex Property Trust is continuing to expand its portfolio in the Seattle metropolitan area. In a recent transaction, Snohomish County records showed the West Coast-based real estate investment firm acquired a 155-unit apartment complex in Lynwood for $53 million, or approximately $341,935 per unit. The property was sold by real estate investment company Sares Regis.
The three-story apartment complex, Martha Lakes Apartments, is located at 16626 Sixth Avenue. According to the property’s website, the apartment community includes a mix of one-, two- and three- bedroom units with modern layouts and luxury amenities. Units range in price from $1,410 to $2,265 and in size from 600 to 1,109 square feet, the property’s website shows.
“Each apartment features spacious layouts offering stainless-steel appliances, an oversized deck or patio, and an in-unit washer and dryer. Top floor units feature stunning vaulted ceilings in the living room. Additionally, select homes include walk-in closets, kitchen pantries, and wood-burning fireplaces for luxurious finishing touches,” the property’s website states.
Additional community amenities include a seasonal outdoor swimming pool and spa, indoor sauna, fitness center and a resident clubhouse.
Located in Lynwood, the apartment community is situated near various shopping centers, bike trails and outdoor recreation. Martha Lake as well as Martha Lake Park are just a 10-minute walk from the property. Additionally, its close proximity to Interstate 5 and 405 offer easy access to the rest of the Puget Sound region, with Seattle just a 20-minute drive away.
The acquisition of the Lynwood property is not Essex’s first step into the Seattle metropolitan area. According to its website, the company operates 57 apartment units across the region. Located throughout the West Coast, the company operates a total of 244 apartment communities consisting of 60,000 residential units.
Most recently in the Seattle metropolitan area, the company acquired a radio and television studio located at 2801 3rd Avenue. The property was sold to Essex by Cox Media Company earlier this month for $52.5 million, or about $709 per square foot. In December of 2019, the company also purchased the 105-unit Pure Apartments in Redmond for $39 million, or approximately $372,619 per unit.