Home Finance Everett’s Lumen Apartments Sells for $38.75MM

Everett’s Lumen Apartments Sells for $38.75MM

Lumen Apartments, Everett, Castle Lanterra Properties, Greenspot Lumen LLC

By Meghan Hall

Investors near and far continue to close on deals for Puget Sound multifamily assets. Last week, Suffern, New York-based Castle Lanterra Properties sold Everett’s Lumen Apartments for $38.75 million, or about $358,796 per unit. According to public records, the property was purchased by an entity affiliated with Greenspot Lumen LLC and Lewis R. Maler from Agoura Hills, Calif. 

The asset is located at 1315 Pacific Avenue and was originally built in 2011. The complex offers a mix of studios, one- and two-bedroom apartments ranging in size from 408 to 917 square feet, according to Apartments.com. Rents begin at just under $1,200 per month.

“From the premium waterfront or skyline views to the sophisticated interior details, these pet-friendly apartments for rent in Everett, Wash., meet your needs for downtown living,” the property’s website states. “Located among the bustling streets of the historic Port Gardner neighborhood, you’re guaranteed an exciting new lifestyle near shops, restaurants and nightlife.”

In all, the complex totals 108 units. Community amenities include a fitness center, concierge, roof terrace, courtyard and grill. The property  is also pet friendly, allowing tenants to have up to two pets. 

The property’s now former owner, Castle Lanterra Properties, owns 7,500 units across 19 properties, per information from its website. It typically targets well-located, high-quality and cash-flowing communities in strategic markets. The company’s portfolio is mainly east coast-based.

At the end of 2021, the firm had closed on more than $500 million dollars in transactions: six acquisitions and four dispositions, according to a recent financial statement from the firm. By the end of the year, the company’s transaction volume totaled $740 million, up from $211 million in 2020 and $411.6 million in 2019.

“We achieved exponential growth in 2021 with a number of major acquisitions despite the challenges the industry faced due to the global pandemic,” explained CLP CEO Elie Rieder in a January statement. “CLP is well positioned to reach the next level of success as we continue to implement our value-enhancement strategy to acquire well-located, high quality multi-family communities while also identifying strategic opportunities in the industrial, senior housing and office sectors in growth markets.”