By Jack Stubbs
Following up on its recent acquisition of the 311-Unit Mark on Fourth Apartments in Everett for $76 million, or approximately $244,372 per unit, from San Diego-based Fairfield Residential, Dallas-based Mill Creek Residential Trust recently made another acquisition, bringing the total transaction value for two properties to over $100 million. On April 17th, the company acquired the Beacon at Center Apartments in Everett for $29 million, or roughly $219,696 per unit, according to Snohomish County records.
The two-story Beacon at Center Apartments, located at 601 Center Road, was built in 1990 and contains 132 units, according to the property listing on apartments.com. The property offers a mix of one-, two- and three-bedroom units that range from 625 to 1,100 square feet and rent for between $1,215 and $1,670. Some of the community amenities available to residents include a media center/movie theater, fitness center and on-site property management.
Beacon at Center Apartments is approximately eight miles south of Everett and less than one mile from Paine-Field Airport. The property is also roughly ten miles north of Bothell and adjacent to I-5, which offers access south to Seattle.
Founded in 2011, Mill Creek Residential develops, builds, acquires and operates high-quality apartment communities in desirable markets coast to coast, according to its web site. Mill Creek Residential’s projects include new construction, historic redevelopment and mixed-use communities.
Along with the recently-acquired Beacon at Center Apartments and Mark on Fourth Apartments in Everett, some of the company’s other Puget Sound region properties include the Modera Apartments in Ballard, the Modera Jackson, Modera Capitol Hill, Skye at Belltown and Modera South Lake Union.
Fairfield Residential manages 38,300 units nationwide across luxury, new construction and renovated apartment homes in urban and suburban infill neighborhoods and tax credit affordable housing properties, according to the company’s web site. The company has developed or acquired over 875 multifamily communities with total project costs of over $32 billion since its founding.