By Meghan Hall
The pandemic has altered the way investors think, and more than ever, suburban multifamily properties are capturing attention. A number of apartment sales have closed in the Puget Sound’s suburbs this week, particularly in Everett, which has seen a wealth of activity. In another recent deal, the Grand Ave Apartments traded for $76 million, or about $343,891 per unit. Public records indicate that the buyer is an entity affiliated with San Francisco-based Cumberland Holdings LLC, a private real estate investment company.
The property is located at 2900 Grand Ave. The seller of the property is a limited liability company affiliated with The Molasky Group of Companies, based in Las Vegas.
According to Apartments.com, the community was constructed in 2015 and contains 221 units. Of the residences, 160 are one-bedroom, one-bathrooms, 20 are one-bedroom, two bathrooms, and 30 are two-bedrooms. Units range in size from 575 square feet to just over 1,050 square feet. Apartments feature walk-in closets, granite countertops, hardwood floors and fireplaces. Community amenities include a rooftop terrace, business center, fitness center and clubhouse.
The property’s new owner, Cumberland Holdings, was formed about 10 years ago by the Chernoff family to invest its capital into income-producing real estate strategies, and the company has deep roots in the Pacific Northwest. Cumberland’s first acquisition was its $5.1 million purchase of the City View Apartments in Portland. Over the past 10 years, Cumberland has acquired 20 properties in California, Washington and Oregon, and sold seven properties. 70 percent of the firm’s investors have engaged in multiple assets, according to Cumberland’s website.
This past week, several other Everett apartment assets have traded hands. The Eagle’s Landing Apartments sold for $45.55 million to Alliant Strategic. In another deal, Security Properties purchased the Helm Apartments in Everett for $76.75 million, or about $399,739 per unit. The deals indicate continued investor hunger to garden style and suburban assets, a trend that could continue as renters seek larger units and flexibility amid the pandemic.
