Home Finance Harrison Street Purchases Everett Community College’s Mountain View Hall for $17.5MM

Harrison Street Purchases Everett Community College’s Mountain View Hall for $17.5MM

Everett Community College, Harrison Street, koz EvCC, Old Republic Title Company, Mill Creek Residential, Puget Sound Naval Complex, Koz Development

By Meghan Hall

Chicago, Ill.-based private real estate investment firm Harrison Street has purchased Everett Community College’s 120-unit Mountain View Hall in Everett, Wash., $17.518 million, or about $145,983 per unit. As shown in Snohomish County property records, the sale dates to February 2019 and the seller was Snohomish, Wash.-based Koz Development. The building is located on two parcels, located at 1002 and 1004 Broadway Ave.

According to EvCC’s website, Mountain View Hall opened in Fall 2016 and provides on-campus housing to 120 of the college’s students. The rooms are dorm-style, although all rooms are private and include a private restroom. The rooms also come fully furnished with a twin-sized bed, desk, chair, mini-fridge and microwave. There are shared kitchens on each floor of the building, and the television lounge and laundry room are located on the development’s ground floor. East-facing rooms can see the Cascade Mountain Range on a clear day, while north-facing rooms have a view of the EvCC campus.

A similar student housing development, called Cedar Hall, opened just down the street in September 2017. The property, developed by Tuetsch Partners, include 132 full-sized apartments. The units include studio, three- and four-bedrooms.

In addition to easy access to Everett Community College, Mountain View Hall is easily accessible via Broadway Ave., a main thoroughfare which runs through the city of Everette. The building is also not far from the Puget Sound Naval Complex, Interstate 5 and Providence Medical Center. Downtown Everett is about a 40 minute drive north of Seattle. In recent months other investment firms have purchased property in the area, including Dallas-based Mill Creek Residential Trust, who purchased the 132-unit Beacon Apartments for $29 million, or $244,372 per unit. Mill Creek Residential also purchased the Fourth Apartments for $76 million, or $244,372 per unit.

Koz Develoment has several other development projects currently underway throughout the Puget Sound. Formed in 2014, the company was founded on the belief that apartments in the region were no longer affordable to students; now, Koz seeks to provide micro-apartments in highly urban areas. Its projects under construction include Derby Slabtown in Portland, and Koz on Market Street in Tacoma, Wash.

Harrison St., a real estate private equity firm founded in 2005, launched its investment arm just a year later in 2006. Over the last decade, the company has grown its offerings of commingled real estate funds, which exclusively target education, healthcare and storage real estate properties. Since its founding, Harrison Street has acquired or developed 904 properties in 48 states that equate to close to $24 billion in gross real estate cost. Those investments include more than 149,000 higher education beds spread across 145 different universities. Currently, the firm manages $18 billion in assets across the United States and Europe.