Home Finance Everett Housing Authority Spends $119MM to Acquire Local Apartment Complex

Everett Housing Authority Spends $119MM to Acquire Local Apartment Complex

Everett Housing Authority, Huntington Park Apartments, Everett, New York Life Investments,

By Meghan Hall

The Everett Housing Authority has made a sizable investment into its community, acquiring the Huntington Park apartment complex for $119 million, or about $312,336 per unit. The transaction closed and recorded on March 15th but just recently came to light. The seller of the property was an entity affiliated with New York Life Investments, according to public records.

The property totals 381 units and is located at 9009 W. Mall Drive. The community features a mix of one-, two- and three-bedroom units and eight different apartment layouts. Apartments range in size from about 600 square feet to 1,100 square feet. Generally, the community serves those who make approximately 80 percent of area median income (AMI).

“Along with an ideal location near West Mall, the Everett, WA, apartments at Huntington Park offer a range of enticing amenities in a picturesque setting,” the property’s website states. “Set to the backdrop of the Olympic and Cascade Mountain Ranges, Huntington Park captures the pristine beauty of the Pacific Northwest.” 

Amenities include a dog park, on-site playground, heated outdoor swimming pool and gym.

The Everett Housing Authority purchased the property in an effort to maintain local affordable housing stock. The organization focuses on a mix of Section 8 Tenant Based Vouchers, public housing, rental assistance, and affordable housing options. EHA has more than two dozen properties as part of its portfolio, according to its website.