Multifamily properties across the Puget Sound region continue to draw interest from investors. In on recent transaction that closed on May 26, a 63-unit apartment complex in Lynnwood sold for $22.2 million, or about $352,380 per unit. According to Snohomish County records, the property was sold by First Northwest Development, which also developed the property. The buyer was 16130 Magnolia LLC, a private entity associated with Ajit Sukesan.
A landing page for the apartment building on Northwest Development’s website shows that the three-acre property – located at 16130 Meadow Road – was last purchased in 2015 for $3.35 million. In 2016, the local multifamily developer constructed the 63-unit apartment building.
The three-story property offers a mix of one-, two- and three-bedroom options, ranging in size from 750 square feet to 1,252 square feet. The property also offers bbq and picnic areas, in-unit laundry, private patios and more.
Overlooking Martha Lake, the property is also conveniently located near a number of off site amenities as well, including several local restaurants and shopping. Nearby Interstates 5 and 405 also provide easy access to Seattle, Everett, Redmond, Kirkland and more.
Over the past several years, the investor has been tied to a number of apartment deals in the Puget Sound region. Most recently, in a transaction that closed in August of 2021, the 93-unit Easton Court Apartments in Bellevue traded for $27.5 million, or about $295,699 per unit. The buying entity, linked to Sukesan was Easton Court Apartments LLC. In 2018, Sukesan was also linked to an apartment deal in Shoreline worth $15.2 million, or approximately $253,333 per unit. In this case, the buying entity for the 60-unit Sunrise Apartments was Red Magnolia Apartment LLC.
