Home Finance First Northwest Development Sells 63-Unit Apartment Building in Lynnwood for $22.2MM 

First Northwest Development Sells 63-Unit Apartment Building in Lynnwood for $22.2MM 

Meadows at Martha Lake, First Northwest Development, Lynnwood, 16130 Magnolia LLC, Martha Lake, Easton Court Apartments LLC, Red Magnolia Apartment LLC

By Catherine Sweeney 

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.