Home Finance FPA Multifamily Sells Everett Apartment Asset for $16.8MM

FPA Multifamily Sells Everett Apartment Asset for $16.8MM

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FPA Multifamily, FPA, The Stinson Apartment Homes, Everett
The Stinson Apartment Homes | Photo: Trinity Property Consultants

San Francisco-based FPA Multifamily sold off another apartment asset, this time in Everett, for $16.8 million or $180,645 per unit. FPA sold the building to The Stinson Associates LLC out of Belmont, CA in a deal that closed June 9th.

The Stinson Apartment Homes, formerly Mariner Court Apartments, consist of 93 garden-style apartment units. The apartments sit at 133 124th St. S.E. on a 4.14 acre lot. In total, the building is 78,213 square feet.

The apartments were constructed in 2000 and were later renovated in 2015 to upgrade the interior, exterior and common areas. Renovations included a modern clubhouse, fitness center, outdoor pool area, dog run, new signage and landscaping. Work on the interior is not yet finished with 51 units (55 percent of the units) upgraded and 42 units (45 percent) in original condition, as of January 31 of this year according to LoopNet. The apartment offers one- and two-bedroom units that average 718 square feet and 881 square feet, respectively.

FPA recently sold off another apartment asset in the area when it sold The Pavilion Apartments in Federal Way in a record-setting multifamily sale. FPA sold off the apartment asset for $93.1 million or $179,730 per unit in a deal that closed earlier this year in March.

Everett has had a busy year so far, with multifamily, senior housing, and low-income housing assets selling in the last six months. Two low-income and section 8 housing developments sold in March and April to Torrance, CA-based Preservation Partners Management. One asset, Trailside Village, sold for $33.3 million or about $133,200 per unit. The other low-income housing development, Parkside Apartments, sold for $39 million.