Multifamily properties have been a valuable asset to many investors in the Pacific Northwest, with numerous transactions in the sector taking place over the past several months. In a recent transaction, Maple Glen Apartments, a 106-unit property in Mountlake Terrace, was purchased for $30.8 million, or approximately $290,566 per unit. Snohomish County records show that the property was sold to Interstate Equities Corporation, a Los Altos, Calif.-based real estate investment company. The seller in the transaction was San Francisco-based Hamilton Zanze.
Located at 5424 212th Street SW, the property was built in 1986 and stands two-stories tall. Apartments.com shows the property offers a mix of one and two-bedroom units, ranging in size from 661 to 865 square feet. Units also vary in price from $1,688 to $1,819
The property also features on-site property management, a pet play area, clubhouse, lounge area, fitness center, pool and spa.
Maple Glen Apartments is located in the Cascade View neighborhood of Mountlake Terrace, just a short drive to downtown Mountlake Terrace’s wide range of shopping, entertainment and dining amenities. The property is also near a variety of parks, including Evergreen Playfield Complex, Jack Long Park and a nearby off-leash dog park.
No plans for renovation at the property have currently been announced. However, according to the company’s website, Integrated Equities specializes in the acquisition of dated multifamily apartment properties in effort to revitalize them into affordable, boutique multifamily assets.
Since 1981, the company has acquired 100 multifamily assets. The company invests in multifamily properties ranging from 25 to 400 units in a variety of West Coast cities, including Seattle. Other markets include the San Francisco Bay Area, Santa Barbara, the greater Los Angeles area, and San Diego.
Interstate Equities is just one of many investors to go after multifamily assets in the greater Puget Sound region. In other recent transactions, Security Properties paid $26.7 million, or $351,315 per unit, for a 76-unit apartment building in Newcastle. Greenleaf Capital Partners also recently purchased TRAD Apartments, a 124-unit apartment complex in Shoreline, for $51 million, or approximately $411,290 per unit.