By Kate Snyder
A recent sales transaction in Mountlake Terrace’s residential market shows that investment activity continues to be recorded in Snohomish County. The property, a 36-unit townhome complex, was purchased by an entity that shares an address with Hamilton Urban Partners for $11.8 million, or about $326,328 per unit, according to Snohomish County public records. The seller was an entity affiliated with Delta Estates LP in Edmonds.
Located at 21902 to 21918 64th Ave. W, the two-story property, called Delta Estates Townhomes, sits on 2.23 acres and offers 36 units. The complex was built in 1985. According to information from Redfin, Delta Estates Townhomes is centrally located within walking distance of the Terrace Plaza shopping center situated just a few blocks from the Interstate 5 freeway entrance. Express bus routes, quick access to I-5 and the Transit Center allows access to the surrounding Seattle and Eastside areas. Positioned within the Edmonds School District, the site is just minutes from the local elementary and high school. In addition, residents are near both the local Niles Shrine Golf Course and Lake Ballinger.
Hamilton Urban Partners is a real estate development firm focused on multifamily properties in the Pacific Northwest, according to the firm’s website. Based in Seattle, the company works with capital sources to acquire, redevelop and develop residential projects in the Puget Sound area. Hamilton manages its portfolio and holds properties long term, selling only opportunistically. In 2022 HUP launched its first fund, Hamilton Urban Multifamily Fund I. Initial closing of the $25 million fund occurred in May 2022 and final closing was scheduled for this year.
“Hamilton Urban Partners delivers a variety of high quality urban housing options in the Pacific Northwest,” the firm’s website states. “We partner with qualified private and institutional investors to capitalize on our deep expertise in all the facets of the multifamily industry.”