Home Finance In $76MM Transaction, Fairfield Residential Sells 311-Unit Mark on Fourth Apartments in...

In $76MM Transaction, Fairfield Residential Sells 311-Unit Mark on Fourth Apartments in Everett

By Jack Stubbs

On Wednesday, July 17th, the Mark on Fourth Apartments in Everett sold for $76 million, or approximately $244,372 per unit, according to public records filed with Snohomish county. The buyer was Dallas, Texas-based Mill Creek Residential Trust, and the seller was Fairfield Residential, a privately-held national apartment investment and development company.

Fairfield Residential acquired the property for $41.3 million in September 2013 from Boston-based Berkshire Residential Investments. 

The The Mark on Fourth Apartments, located at 12102 Fourth Ave. W., is a three-story property built in 1987 that contains 311 units, according to the property listing on apartments.com. The property offers a mix of two- and three-bedroom units that range from 946 to 1,086 square feet and rent for between $1,370 and $2,310. Some of the on-site property amenities available to residents include a fitness center and pool, clubhouse and on-site property management. 

Sitting at the corner of 4th Ave. West and Center Road, the property is roughly seven miles south of downtown Everett and just over ten miles north of Bothell. Mark on Fourth is also about one mile from access to both State Route 99 and I-5. 

The property is also just over three miles from the soon-to-be-operational Paine Field Airport located at 3220 100th St SW, where the majority of commercial passenger flights will begin out of Paine Field sometime in Spring 2019. 

Everett has seen a number of multifamily sales over the last several quarters, with the most recent sale indicating that investor demand in the Snohomish County city remains robust heading into second quarter 2019. 

In November 2018, New York-based Castle Lanterra Properties—a real estate investment company that focuses on the acquisition and management of workforce and multifamily housing throughout the U.S.—acquired 108-unit The Lumen Apartments and a commercial office building located at 1315 Pacific Ave. for a combined $22.575 million from Potala Village LLC based in Seattle.

And on February 21st, 2019, ColRich Multifamily spent $40.25 million, or roughly $162,955 per unit, to acquire the 247-Unit Park120 Apartments located at 120 W. Casino Rd. from Los Angeles-based TruAmerica Multifamily.

Fairfield Residential was last active in the Puget Sound’s multifamily market in December 2018, according to The Registry’s reporting. In mid-2018, the company sold off its 382-unit Grammercy Apartment Homes located at 17425 120th Ln. SE for $87,150,000, or $228,141 per unit, to Salt Lake City, UT-based Bridge Investment Group.