Home Finance Federal Way’s Evergreen Apartment Homes Sells for $33.4MM

Federal Way’s Evergreen Apartment Homes Sells for $33.4MM

Federal Way, King County, Seattle, Colliers International, Kent Valley, Tacoma, Joint Base Lewis-McChord, Evergreen Apartment Homes, FPA MultiFamily
Image credit: Colliers International.

EDITOR’S NOTE: According to King County property records, the complex was purchased for $33.4 million, or approximately $253,030 per unit.

Seattle, WA (April 24, 2019) – Dylan Simon and Jerrid Anderson of Colliers International’s Seattle Multifamily Team closed the sale of Evergreen Apartment Homes in Federal Way, a suburb of Seattle, on Wednesday, April 24, 2019.

Comprising 33 buildings, the 132-unit property was built in 1988 and underwent interior renovations in 2017 and 2018. This one-of-a-kind, garden community sits on 20 acres and offers residents townhouse-style units that surround a large, private park with scenic walking trails, picnic and BBQ areas, and a dog park.

Located in the south end of Federal Way, Evergreen Apartment Homes is central to regional job centers, including Seattle, the Kent Valley, Tacoma, and Joint Base Lewis-McChord. Already abundant with lifestyle amenities such as The Commons at Federal and the new Performing Arts and Events Center, Federal Way is poised to continue growing with a recent “Opportunity Zone” designation and the Link light rail arriving in 2024.

Dylan Simon, Executive Vice President, and Jerrid Anderson, Senior Vice President, represented the seller, FPA MultiFamily. The buyer was not represented by a broker.

About FPA MultiFamily

The seller is an affiliate of FPA Multifamily, LLC. FPA Multifamily, LLC is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and work force housing apartment communities. Founded in 1985, FPA has owned over 104,000 apartment units valued at over $11.0 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VI which will acquire approximately $1.8 billion of assets and its core plus focused FPA Core Plus Fund IV which will acquire approximately $1.4 billion of assets. Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Minneapolis, Dallas and Atlanta. For more information, please visit www.fpamf.com.

About Colliers International Group

Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn. To see the latest news on Colliers International in the Puget Sound Region, follow @CI_PugetSound on Twitter or check out the website at www.colliers.com/seattle.

Colliers’ Seattle Multifamily Team is based in downtown Seattle and comprises seven highly-qualified real estate professionals specializing in brokerage of apartment investments and developments in the Seattle and Puget Sound region. The team focuses on representing buyers and sellers of apartment buildings and development sites from 5 units to 500 units. For more information please visit www.SeattleMultifamilyTeam.com.