By Jack Stubbs
As the Puget Sound region continues to expand, local and out-of-town investors alike continue to view the cities further afield from Seattle with increasing interest.
FSC Realty, a Beverly Hills, California-based real estate company that owns and operates apartments, shopping centers and office buildings nationwide, recently made moves to expand its Puget Sound region multifamily portfolio.
On March 26th, the company acquired the Altia Townhomes and Apartments in Lynnwood for $58 million, or approximately $252,173 per unit, according to public documents filed with Snohomish County. The seller of the property was Seattle-based Goodman Real Estate, a real estate investment company that specializes in multifamily and commercial real estate across the U.S. and Canada.
The buyer did not respond to emailed requests for comment about the transaction in time for the publishing of this story.
The three-story Altia Townhomes and Apartments, located at 16520 Larch Way, contains 230 units and was built in 2014, according to the property listing on apartments.com. The property offers a mix of one-, two- and three-bedroom apartment homes that range from 674 to 1,188 square feet. According to the property’s web site, some of the community amenities available to residents include a fitness center, outdoor BBQ Area and pool.
Located in the Martha Lake neighborhood of Lynnwood at the corner of Larch Way and 164th St. SW, the property is roughly five miles northeast of downtown Lynnwood and is also proximate to the Edmonds Community College and various shopping, dining and entertainment amenities in Everett. Altia is about ten miles south of Everett and also offers easy access to Interstate-5.
Founded in 1996, FSC Realty and its predecessors have been involved in the ownership and management of over 42,000 apartment units and 5.8 million square feet of commercial properties nationwide, according to the company’s web site. FSC Realty’s transaction history includes various assets throughout the Puget Sound region in areas like Seattle, Renton, Federal Way, Everett and Auburn, among other locations.
Some of the company’s previously-acquired assets in Everett—which is just a few miles north of Lynnwood—include the 352-unit Covington Farms Apartments, the 152-unit Matanza Creek Apartments and the 216-unit Shadow Creek Apartments.
According to The Registry’s reporting, FSC Realty was last active in the Puget Sound region in December 2016, when the company acquired the 117-unit Altitude Renton Apartment complex in Renton for $30,185,000, or approximately $258,000 per unit.
Founded in 1990, Goodman Real Estate’s managed assets are valued at more than $2.5 billion, according to the company’s web site. The company has deep roots in the Pacific Northwest, which is reflected in the company’s business partnerships and in its local charitable giving and commitment to local issues. Some of the company’s other properties in the Puget Sound region include the Aero Apartments in Tacoma; the Aviator Apartments in Renton; and the Arbor Point Apartments in Lakewood.
In December 2018, Goodman Real Estate spent $48.5 million, or approximately $189,453 per unit, to acquire the 256-unit Deer Creek Apartments in Puyallup from Lowe Enterprise Investors.
There have not been too many apartment sales in the city of Lynnwood in recent months. In September 2018, Hamilton Zanze sold the 100-unit Bradford Park Apartments located at 16604 48th Ave. W. for $24.6 million, or about $246,000 per unit. And in August 2018, Everett, Washington-based Coast Equity Partners acquired the Collins Junction Apartments in Lynnwood for $37.75 million, or approximately $224,702 per unit, from Grosvenor Americas.
