By Meghan Hall
The end of year has seen investor interest in Seattle’s northern suburbs skyrocket as a number of apartment deals have closed. The latest transaction to close was for Everett’s Bluwater Apartments, which sold for $54.5 million to an entity affiliated with Newport Beach, Calif.-based MIG Real Estate.
The asset is located at 11311 19th Ave. SE, and public records show that the seller was Coast Equity Partners. Units have one-, two- or three-bedrooms and range in size from about 685 square feet to nearly 1,200 square feet, according to the property’s website. Units are equipped with vaulted ceilings, additional storage and wood burning fireplaces.
The community also has access to a wifi and television lounge, fitness center, clubhouse and resort-style pool. The complex is located within several blocks of Silver Lake in a largely residential neighborhood. However, Interstate 5, as well as conveniences like Safeway, VCA SilverLake Animal Hospital and other retailers, are located nearby.
MIG Real Estate is a privately held investment and development firm, and the company is not new to the region. The firm also owns the 238-unit Solara Apartments, the 274-unit Berkshire Apartments, and the 260-unit Becket Apartments. All are located in Seattle. MIG Real Estate also owns the Bradley Park Apartments, which totals 155 units and is located in Puyallup.
However, with the acquisition of the BluWater Apartments, MIG has added an asset north of Seattle–and further into the suburbs–to its portfolio. And the company is not alone; the past several weeks, a large number of sales have closed in Snohomish County, particularly in markets such as Everett which are further from the hustle and bustle of Seattle and provide more space.
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. In other newly-solidified transactions, 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.